Moody's assigns TTD Holding III B2

Moody's Investors Service said it assigned a B2 corporate family rating and a B2-PD probability of default rating to TTD Holding III GmbH, the new holding company for TOI TOI & DIXI Group GmbH and the top company in the restricted group.

The agency also affirmed the B2 instrument ratings of the guaranteed senior secured bank facilities maturing in 2026 issued by Freshworld Holding IV GmbH, the holding company for TOI TOI & DIXI Group GmbH. The outlook on TTD Holding III is stable and the outlook on Freshworld Holding IV was changed to stable from positive.

“The rating action follows the company's announcement that its majority shareholder Apax Partners will buy out the majority of the stake owned by the founding family. Apax Partners expects to fund the purchase through a combination of incremental debt, including a €210 million add-on to its guaranteed senior secured term loan, and balance sheet cash,” Moody’s said in a press release.

Upon closing of the transaction, Moody's expects to move the B2 instrument ratings of the guaranteed senior secured bank credit facilities to TTD Holding, the new borrower of the bank credit facilities and a direct subsidiary of TTD Holding. Moody's also withdrew the existing B2 CFR, B2-PD PDR, and positive outlook of Freshworld Holding III for reorganization reasons.

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