Moody’s rates Foncia loans B2

Moody’s Investors Service said it affirmed the B2 corporate family rating and B2-PD probability of default rating of Foncia Management SAS.

Concurrently, Moody's assigned B2 instrument ratings to Foncia's new €220 million revolving credit facility and €50 million senior secured acquisition/capex facility and affirmed the B2 rating of the company's senior secured first-lien €899 million term loan B3, which is being increased to €1.08 billion.

The outlook remains stable.

The agency said the action follows the company's announcement that it intends to borrow an incremental €178 million under its senior secured first-lien term loan B3 and, with lender consent, make amendments to the terms of its revolver and acquisition facility, including extending the current maturity date of the revolver to March 2023.

Proceeds from the new loan tranche will be used to repay €175 million drawing under the revolver.

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