Fitch gives TTD Holding III B+, loan BB-

Fitch Ratings said it assigned TTD Holding III GmbH, the new ultimate parent of the TOI TOI & DIXI Group, an expected long-term issuer default rating of B+ with a stable outlook. The agency also assigned TTD Holding IV GmbH's new €210 million 2026 senior secured add-on term loan facility an expected instrument rating of BB- with an RR3 recovery rating.

The add-on facility will be used together with company cash to finance Apax's buy-out of a large proportion of the founding family's minority stake in the company.

Fitch also affirmed Freshworld Holding III GmbH's IDR at B+/stable, and Freshworld Holding IV GmbH's BB- senior secured instrument rating for its €660 million 2026 senior secured term loan and its €200 million term loan.

Freshworld Holding III and IV and its intermediate holding companies will be merged into TTD Holding IV, the surviving entity, which will be the ultimate borrower of the €660 million, the €200 million and the €210 million loans. “We expect to withdraw the ratings on Freshworld Holding III and Freshworld Holding IV post-execution of the merger,” Fitch said in a press release.

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