Moody's assigns Gaming1, loans B1

Moody's Investors Service said it assigned a B1 corporate family rating and B1-PD probability of default rating to Meuse Bidco SA (Gaming1). The agency also gave B1 instrument ratings to the planned €300 million backed senior secured term loan to be borrowed by Meuse Finco SA and the €80 million backed senior secured revolving credit facility to be borrowed by Meuse Finco and by Gaming1.

Moody's is rating Gaming1 for the first time. In December, CVC Capital Partners partnered with the founding shareholders of Gaming1 by acquiring a majority stake from its shareholders. The transaction is expected to close in Q2 2022 following customary antitrust and regulatory approvals.

“Pro forma the announced new capital structure, Moody's adjusted gross leverage is 3.4x for 2021, with a decrease expected towards 3x in the next 12-18 months,” the agency said in a press release.

The term loan will finance the purchase price and acquisition costs and refinance debt.

The outlook is stable.

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