Moody's assigns B3 to Iris HoldCo

Moody's Investors Service said it assigned a B3 corporate family rating and a B3-PD probability of default rating to Iris HoldCo GmbH, the new parent company of Rodenstock. Moody's also gave a B3 rating to the new €660 million guaranteed senior secured term-loan maturing in 2028 and to the €120 million guaranteed senior secured revolver maturing in 2027, both borrowed by Iris BidCo GmbH.

Concurrently, Moody's withdrew the B3 CFR and the B3-PD PDR of the previous parent company of the group, Rodenstock Holding GmbH.

“The rating assignment follows the acquisition of Rodenstock by funds advised by Apax Partners, together with other investors including Rodenstock management. The acquisition is funded with €660 million new debt and a €610 million equity contribution,” Moody’s said in a press release.

As part of the transaction, Rodenstock plans to repay its debt, including the €395 million senior secured term loan B due 2026, and to cancel the currently undrawn €20 million senior secured revolver due 2025, both borrowed at Rodenstock GmbH. The ratings on those instruments will be withdrawn upon repayment at completion of the refinancing, the agency said.

The outlook is stable.

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