Moody’s reviews Banijay for downgrade

Moody’s Investors Service said it placed Banijay Group SAS’s B1 corporate family rating and B1-PD probability of default rating on review for downgrade following the announcement that it has entered into an agreement to acquire 100% of Endemol Shine Group.

Moody’s also placed under review for downgrade the B1 rating on the €365 million backed senior secured notes due 2022 issued by Banijay.

“Because of the debt load that ESG carried ahead of this acquisition (adjusted debt of €1.7 billion, equivalent to 8.0x Moody’s adjusted gross debt/EBITDA), the combined entity would likely have much higher leverage than Banijay’s standalone leverage pre-transaction of 3.8x for the LTM ended June 2019,” said Moody’s in press release.

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