Moody’s rates Lycra, notes B1

Moody’s Investors Service said it assigned a B1 corporate family rating to Eagle Intermediate Global Holding BV (Lycra Co.) and assigned B1 ratings to the company's proposed $500 million and €250 million senior secured notes.

The outlook is stable.

Proceeds will be used to fund the acquisition of Lycra by Shandong Ruyi Technology Group Co., Ltd. (B2 stable) and other investors from Invista Equities, LLC (Ba1 stable).

The total acquisition price of $2.6 billion will be funded by the proposed notes and equity injection by Ruyi and other investors.

"The Lycra company's credit profile is supported by its leading market position in the spandex industry with well-known brands and its long-term relations with textile mills and garment manufacturers that strengthen sales visibility," Jiming Zou, Moody's vice president and lead analyst, said in a news release.

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