Moody's rates Olympic notes B2

Moody's Investors Service said it assigned a B2 corporate family rating and B2-PD probability of default rating to Odyssey Europe Holdco Sarl.

The agency also assigned B2 instrument ratings to the proposed €200 million senior secured notes.

The outlook is stable.

Odyssey Europe Holdco is the holding company of Olympic Entertainment Group – a gaming operator in the Baltic Region – and the parent company of the new restricted group.

Private equity sponsor Novalpina Capital launched a voluntary take-over offer to take Olympic private for a total equity value of €288 million,.

The transaction will be financed with €90 million of sponsor equity, €200 million of senior secured notes and a partly drawn €25 million revolving credit facility.

Following completion of the transaction, upstream guarantees will be provided by entities representing about 82% of company's adjusted EBITDA, the agency said.

Pro forma for the announced new capital structure and based on financial results in 2017, Moody's said, the company's adjusted gross leverage is 4.2 x and it is not expected to change materially in the next 12 to 18 months.

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