Moody’s eyes Paysafe for upgrade

Moody's Investors Service said it placed Paysafe Group Holdings II’s B3 corporate family rating and the B3-PD probability of default rating on review for upgrade.

Concurrently, Moody's placed on review for upgrade the B3 instrument rating on the first-lien facilities held by Pi Lux Finco Sarl., Paysafe Holdings (US) Corp. and PI UK BidCo Ltd., and the Caa2 instrument rating on the second-lien facilities issued by Pi Lux Finco. The agency changed the outlook to ratings under review from stable.

The review follows the announcement Paysafe will be acquired by special purpose acquisition company Foley Trasimene Acquisition Corp. II in a transaction that will ultimately lead to Paysafe being listed on the New York Stock Exchange, the agency said.

The review will focus on the capital structure and the resulting financial leverage following the merger’s completion. “Moody's expects that Paysafe will materially reduce its leverage as about 30% of equity proceeds appear earmarked for debt repayment,” the agency said in a press release.

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