Moody's assigns Thevelia loans B2

Moody’s said it assigned B2 ratings to Thevelia Holdings Ltd.’s (Tricor) euro- and U.S. dollar-denominated senior secured first-lien term loans due 2029. The loans will be co-borrowed by Thevelia (US) LLC and Thevelia Finance, Sarl. Concurrently, the agency placed Tricor’s B2 ratings under review for upgrade. Before the review, the outlook was stable.

This action follows the announcement of the $1.66 billion acquisition financing on March 16 by BPEA EQT to partially fund Tricor's planned acquisition of Vistra Group Holdings (BVI) I Ltd. and refinance Vistra's $1.05 billion debt, the agency said.

"The rating actions mainly reflects an expected improvement in Tricor's scale and business and geographical diversification from the acquisition of Vistra. The acquisition will create a combined entity that is a leader in the fund and corporate services sector globally with a strong position in Asia," said Stephanie Lau, a Moody's vice president and senior credit officer, in a press release.

"The rating actions also account for our expectation that Tricor's financial metrics will improve significantly over the next 1-2 years, driven by solid revenue growth and synergy benefits," Lau added.

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