Moody's changes Adler Pelzer view to stable

Moody's Investors Service said it affirmed the B3 long term corporate family rating and B3-PD probability of default rating of Adler Pelzer Holding GmbH.

Moody's further affirmed the B3 ratings on the group's €400 million backed senior secured notes due April 2027 and withdrew the B3 instrument ratings on the €350 million and €75 million senior secured notes due 2024 following their redemption.

The outlook has been changed to stable from negative.

On May 22, Adler Pelzer completed the refinancing of its aggregate €425 million 4 1/8% senior secured notes due April 2024. The refinancing was funded with €370 million net proceeds from €400 million backed senior secured notes due April 2027 and a €120 million equity injection in the form of a subordinated shareholder loan. The cash sources from the transaction will be further used to repay an existing €40 million super senior term loan due June 2023, €11 million of other short-term bank borrowings, transaction costs and for general corporate purposes.

The transaction also comprised a €55 million super senior revolving credit facility maturing in October 2026.

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