Moody's assigns B3 to Rubix loans

Moody's Investors Service said it assigned B3 ratings to the new senior secured first-lien bank credit facilities to be issued by Rubix Group Finco Ltd., a wholly owned subsidiary of Rubix Group Holdings Ltd.

These facilities comprise a €1.435 billion term loan and a €135 million revolving credit facility, both due in 2026. Concurrently, Moody's affirmed the company's B3 corporate family rating and its B3-PD probability of default rating.

The proceeds will be used to refinance the company's €1.19 billion guaranteed senior secured term loan B, the €135 million guaranteed senior secured revolving credit facility and the €187 million second-lien facility, to pay associated expenses and add cash to the balance sheet.

“The transaction also serves to extend the company's debt maturities by two years to 2026. The B2 rating on the existing first-lien facilities will be withdrawn on the closing of the refinancing,” Moody’s said in a statement. The outlook is stable.

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