Moody's assigns Colisee loans B2

Moody's Investors Service said it assigned B2 ratings to the €875 million senior secured term loan B and €175 million senior secured revolving credit facility (RCF) to be issued by Cobalt BidCo. Cobalt is the new holding company and reporting entity for Financiere Colisee SAS.

Colisee's majority shareholder, IK Investment Partners, is selling a majority stake to EQT's Infrastructure V fund. Quebec pension fund, Caisse de Depot et Placement du Quebec, will acquire a minority stake and management will reinvest their equity. The new shareholders will make a total equity contribution of about €1.4 billion (60% of the purchase price, including fees and expenses).

Simultaneously, Moody's assigned a B2 corporate family rating and B2-PD probability of default rating to Cobalt. The outlook is stable.

"The assignment of the B2 ratings considers that Colisee's new ownership will not materially change the company's business strategy, management or financial profile, and reflects Moody's expectation that Colisee will continue to grow, generate free cash flow and gradually deleverage," said Brad Gustafson, a Moody's vice president, senior analyst and lead analyst for Colisee, in a press release.

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