Moody’s rates Seine loans B3

Moody’s Investors Service said it gave B3 ratings to Seine Finance Sarl’s (Silae) planned €400 million senior secured term loan B as well as the €250 million senior secured term loan B and the €75 million senior secured revolving credit facility borrowed by Seine HoldCo SAS.

The agency also assigned Seine Financial a B3 corporate family rating and a B3-PD probability of default rating. The outlook is positive.

"Today's action reflects the aggressive nature of the refinancing of Silae's capital structure, the proceeds of which will be used to fund a large dividend to Silver Lake Partners, and associated weakening of the company's financial profile," said Fabrizio Marchesi, a Moody's vice president-senior analyst and lead analyst for the company, in a press release

"However, the rating also reflects Silae's strong historic financial performance and our expectations that the company will improve its financial metrics over the coming 12-18 months, as well as the associated execution risk", added Marchesi.

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