Moody’s assigns DNEG, notes B2

Moody’s Investors Service said it assigned a B2 corporate family rating and B2-PD probability of default rating to Prime Focus World NV. (DNEG). Concurrently, Moody’s assigned a B2 rating to the new $375 million of senior secured notes due 2025 to be issued by DNEG plc, as a subsidiary of Prime Focus World.

The B2 rating reflects DNEG’s position and track record as a visual effects provider and the strong demand for television content with special effects. The rating also considers the forecast of improvements in free cash flow and a health EBITDA margin, which should improve, Moody’s said.

DNEG will use the proceeds repay amounts on its term loan facility, its revolving loan facility and its Indian financing facilities, to extend the shareholder loan to one or more subsidiaries of Prime Focus Ltd., the parent of Prime Focus World, to pay related fees and expenses and for general corporate purposes.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.