Moody’s rates InfoPro notes B3

Moody’s Investors Service said it assigned a B3 rating to the proposed €685 million guaranteed senior secured fixed-rate and guaranteed floating-rate notes due 2025 to be sold by IPD 3 BV (InfoPro Digital) to be used for refinancing the company’s debt.

“The proposed refinancing is positive for InfoPro Digital’s credit quality because it removes the refinancing risk in 2022. However, it is likely to be done at a higher cost than in the past which will weigh on the company’s free cash flow generation and interest cover metrics,” said Víctor García Capdevila, a Moody’s assistant vice president and lead analyst for InfoPro Digital, in a press release.

Moody’s also affirmed InfoPro’s B3 rating and stable outlook.

The agency said that when the refinancing closes, it forecasts Moody’s-adjusted gross leverage to be at around 8x owing to the deterioration in operating performance caused by the coronavirus outbreak.

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