Moody's assigns B2 to Biogroup loans

Moody's Investors Service said it assigned a new B2 corporate family rating and a new B2-PD probability of default rating to Laboratoire Eimer, the new top entity of Biogroup's restricted group. As a result, the CFR and probability of default of CAB, previously rated B2 and B2-PD respectively, have been withdrawn.

Concurrently, Moody's said it assigned a B2 instrument rating to the new proposed seven-year senior secured term loan B and the new proposed 6.5-year senior secured revolving credit facility, to be issued by CAB, a subsidiary of Laboratoire Eimer. The outlook on CAB remains negative, and a negative outlook has been assigned to Laboratoire Eimer.

The proceeds along with other secured, and unsecured, debt will be used to refinance the existing PIK notes issued by Laboratoire Eimer, the second-lien term loan issued by CAB and a portion of the existing term loan also issued by CAB, Moody’s said.

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