Moody’s rates Normec loans B2

Moody's Ratings assigned a B2 long-term corporate family rating to Normec (Normec 1 BV) and a B2-PD probably of default rating.

Concurrently, the company’s new €565 million senior secured term loan B and its €100 million senior secured delayed-draw term loan facility due in 2031 were assigned a B2 instrument rating.

A B2 rating was given to the €120 million senior secured revolver due in 2030.

The company is expected to keep the revolver undrawn and have ample headroom under a springing covenant set at 9x senior secured net leverage, tested when the revolver is drawn at more than 40%.

Proforma for the new capital structure, Normec will not have any significant debt maturity prior to 2031.

The outlook is stable.

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