Moody's assigns Stars UK, loans B2

Moody's Investors Service said it assigned a B2 corporate family rating and a B2-PD probability of default rating to Stars UK Bidco Ltd., formed by funds controlled by the Carlyle Group and PAI Partners to acquire Theramex. The agency also assigned B2 ratings to Stars UK’s planned €550 million senior secured first-lien term loan B and €100 million multicurrency senior secured revolving credit facility, both maturing in 2029.

Concurrently, Moody's withdrew its B2 CFR and B2-PD PDR on IWH UK Finco Ltd., Theramex’s current owner.

"Today's rating assignments principally reflect the solid momentum in Theramex's performance, which drives our expectation that Moody's adjusted leverage will remain sustainably below 6x while the company will also maintain material free cash flow generation," said Frederic Duranson, a Moody's vice president, senior analyst and lead analyst for Theramex, in a press release.

The outlook is stable.

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