Moody's assigns Ba2 to Fluidra loans

Moody's Investors Service said it assigned Ba2 ratings to the planned $750 million backed senior secured term loan issued by Zodiac Pool Solutions LLC and the €450 million backed senior secured term loan issued by Fluidra Finco, SLU, wholly owned subsidiaries of Fluidra SA. Concurrently, Moody's gave a Ba2 rating to the proposed €450 million guaranteed senior secured revolving credit facility issued by Fluidra SA.

“The Ba2 ratings assigned to the TL and the RCF are in line with the CFR, reflecting the fact that these facilities rank pari passu among themselves and constitute most of Fluidra's debt. The TL and the RCF benefit from a first-priority pledge over substantially all of the group's tangible and intangible assets,” the agency said in a press release.

Term loan proceeds will be used to refinance the company's €705 million equivalent backed senior secured term loan B, €167 million drawings under its asset-based lending and revolver as well as €79 million of other debt. The company also plans to upsize the revolver to €450 million from €130 million and extend its maturity to five years and terminate its $230 million asset-based lending facility.

The outlook is stable.

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