Moody’s gives EG Group notes B3

Moody’s Investors Service said it assigned a B3 rating to the senior secured debt of $1.4 billion due March 2026 split between senior secured notes issued by EG Global Finance plc and a term loan B issued by EG America LLC.

All issuers are fully-owned subsidiaries of EG Group Ltd. Concurrently, Moody’s assigned a Caa2 rating to the proposed second-lien debt of $400 million issued by EG Finco Ltd.

The company’s other ratings, comprising its B3 corporate family rating, B3-PD probability of default rating, B3 and Caa2 ratings on EG’s first- and second lien instrument ratings are unaffected by the new issuance, the agency said.

The proceeds are intended to fund the acquisition of the forecourt business from ASDA for an enterprise value of £750 million and the forecourt business of OMV AG in Germany for €485 million. The proceeds will also refinance a bilateral bridge facility of $188 million related to a previous acquisition.

The outlook remains stable.

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