Moody’s gives B3 to Adler Pelzer notes

Moody’s Investors Service said it gave a B3 rating to Adler Pelzer Holding GmbH’s planned €350 million backed senior secured notes, net of an applicable original issue discount, due April 2027.

The agency concurrently affirmed its B3 ratings on Adler Pelzer and its €350 million and €75 million guaranteed senior secured notes due April 2024.

Adler Pelzer reported it plans to refinance its €425 million of 4 1/8% guaranteed senior secured notes due April 2024. It will use the note proceeds, an expected €120 million equity injection through a subordinated shareholder loan and €14 million of cash on hand. The cash sources from the transaction will also be used to repay the €40 million super senior term loan due in June, €11 million of other short-term bank borrowings, as well as expected transaction costs and fees.

The outlook remains negative.

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