Moody's assigns B1 to Corialis

Moody's Investors Service said it assigned a B1 corporate family rating and a B1-PD probability of default rating to Infinity Bidco 1 Ltd. top entity of the new restricted group of Corialis. Concurrently, Moody's gave B1 ratings to the senior secured €890 million equivalent term loan with a seven-year tenor and to the senior secured €150 million revolving credit facility with a 6½-year tenor.

Moody's also withdrew the ratings and outlook on Feather Investments Holdings SCA, the former parent of Corialis. The B1 rating on the first-lien senior secured term loan and the Caa1 rating on the second-lien senior secured term loan will be withdrawn upon the completion of the transaction.

“The B1 CFR balances the high Moody's-adjusted leverage of 5.8x at closing against a strong business profile underpinned by its track record of growth and business resilience, good profitability and solid cash generation. The rating also reflects our expectation that the company will delever to below 5.5x over the next 18 months and that the new shareholders will maintain and preserve Corialis' disciplined capital allocation and growth strategy,” the agency said in a press release.

The proceeds will be used alongside equity financing, to fund the acquisition of Corialis by Astorg Partners SAS and cover related transaction costs. Astorg is acquiring the company from CVC Capital Partners and Corialis' management, who will both re-invest in the business.

The outlook is stable.

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