Moody's assigns B2 to Engineering notes

Moody's Investors Service said it assigned a B2 instrument rating to the planned €385 million of backed senior secured notes due 2028 to be issued by Centurion Bidco SpA (Engineering).

The notes are rated at the same level as Engineering’s €195 million super-senior backed revolving credit facility, €605 million of backed senior secured notes due 2026 and the €38 million backed senior secured term loan due 2026, Moody’s said.

The proceeds and balance sheet cash will be used to fully repay the €385 million senior secured bridge facility and related accrued interest. Engineering fully drew down the senior secured bridge facility in 2022 to fund the acquisition of Be Shaping the Future SpA, which was completed in December 2022.

The outlook is negative.

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