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Moody's rates IVC Acquisition loans B2
Moody's Investors Service said it assigned a B3 corporate family rating and B3-PD probability of default rating to IVC Acquisition Midco Ltd.
Moody's also said it assigned B2 ratings to the proposed senior secured first-lien term loans due in 2026, split into a £432 million sterling-denominated tranche B1 and £350 million equivalent euro-denominated tranche B2.
Moody's also said it assigned a B2 rating to the proposed pari passu ranking £200 million revolving credit facility due in 2025.
The agency also said senior secured first-lien facilities are expected to be borrowed by IVC Acquisition Ltd.
The outlook is stable.
The proceeds from the new facilities will primarily serve to refinance the group's existing debt, pre-fund acquisitions and pay for the transaction fees and expenses.
The ratings reflect the company's very high adjusted leverage, acquisitive strategy with short track record of executing transactions, and its heavy reliance on debt funding, Moody's said.
The ratings also consider the large and vastly unconsolidated market with attractive demand patterns, the agency said.
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