Moody's assigns B1 to First Brands loan

Moody's Investors Service said it assigned a B1 rating to First Brands Group, LLC's new €300 million senior secured first-lien term loan due 2027.

The company's other ratings, including the B2 corporate family rating and B2-PD probability of default rating, are unchanged, the agency said.

The proceeds will be used to bolster the company's already very good liquidity. “As with other recent debt raises, Moody's expects First Brands to use the excess liquidity to support organic growth investments and opportunistically pursue acquisitions. Particularly, Moody's expects First Brands to evaluate expansion opportunities within the European automotive aftermarket. Moody's estimates that the European region represents about 20% of First Brands' revenue,” the agency said in a press release.

The outlook remains positive.

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