Moody's assigns Skyscraper tranches B2

Moody's Investors Service said it gave B2 ratings to the proposed €1.11 billion senior secured term loan and the $570 million senior secured term loan tranche with LSF11 Skyscraper HoldCo Sarl as the borrower. Moody's plans to withdraw the B2 senior secured bank credit facilities ratings for the senior secured term loan B1 once the syndication and repricing are concluded.

Moody's said it assigned B2 ratings to the proposed euro-denominated senior secured term loan tranche and the dollar-denominated senior secured term loan tranche that will replace the euro-denominated B1 and C1 tranches and the dollar B tranche, respectively, following a syndication and repricing process.

“The repricing is expected to result in low double-digit annual interest cost savings, which is moderately credit positive. The overall debt quantum of around €1.585 billion remains unchanged. The company-adjusted EBITDA (post IFRS 16) amounted to €346 million in 2020, resulting in a reported gross leverage of around 4.6x,” the agency said in a press release.

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