Moody’s ups Innio, rates loans B2

Moody's Investors Service said it upgraded Innio Group Holding GmbH’s corporate family rating and probability of default rating to B2 from B3 and B2-PD from B3-PD, respectively. Concurrently, the agency assigned B2 instrument ratings to the backed senior secured first-lien term loan B and the backed senior secured first-lien revolving credit facility.

Additionally, Moody’s gave B2 instrument ratings to the backed senior secured first-lien term loan B issued by Innio North America Holding Inc., a subsidiary of Innio. In this planned amend-and-extend transaction Innio will extend maturities on its backed senior secured first-term loan B and the backed senior secured first-lien revolver to November 2028 and May 2028, respectively.

“Today's rating action reflects both, the ongoing strong operating performance of Innio and the favorable extension of its maturity profile in a leverage-neutral transaction against a moderate increase in interest expense. The concurrently proposed shareholder distribution is considered being one-off and is expected to be fully paid from the company's high cash position whilst Innio's liquidity profile would still be deemed adequate pro forma of the distribution,” Moody’s said in a press release.

The outlook for Innio and Innio North America is stable.

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