Moody’s assigns LSF11 Skyscraper B2

Moody’s Investors Service said it assigned a B2 corporate family rating and a B2-PD probability of default rating to LSF11 Skyscraper HoldCo Sarl as well as a B2 rating to the €700 million tranche of the senior secured term loan B and the €150 million revolving credit facility.

“Skyscraper’s B2 ratings are underpinned by the company’s international presence as one of the largest construction chemical companies with strong market positions in admixtures and construction systems. Skyscraper has a balanced regional revenue split with almost an equal split between Europe, the Americas as well as the Asia Pacific/Middle East & Russia regions, Moody’s said in a press release.

The term loan and revolver rank pari passu with the unrated privately placed €775 million term loan. All term loan tranches and the revolver share the same security and all three instruments represent the vast majority of debt in the capital structure of the restricted group. Entities representing a minimum of 80% of consolidated EBITDA will guarantee the senior secured debt, Moody’s said.

The outlook is stable.

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