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Moody’s assigns B3 to Loire loan
Moody’s Investors Service said it assigned a B3 rating to Loire Finco Luxembourg Sarl’s proposed senior secured facilities, including the £265 million revolving credit facility due 2026, and the £1.042 billion equivalent term loan B due 2027.
Loire is wholly owned unit of Loire UK Midco 3 Ltd., which was established to acquire LGC Ltd. and its subsidiaries. Moody’s assigned Loire Midco a B3 rating and a B3-PD probability of default rating.
The company’s leverage is high at 7.3x, as measured by Moody’s-adjusted debt/EBITDA as of the last 12 months ended Sept. 30, pro-forma for the acquisitions completed during the previous 12 months. Moody’s also expects LGC is unlikely to decrease leverage materially over the medium term because of its continued acquisition strategy and associated integration costs.
The outlook is stable.
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