Moody's assigns Ba3 to Diversey loans

Moody's Investors Service said it assigned a Ba3 rating to Diamond (BC) BV (Diversey)'s proposed $1.5 billion term loan B due in 2028.

Proceeds will be used to repay outstandings under the existing U.S. dollar and euro-denominated term loans due 2024.

The outlook is positive.

“The transaction is positive to the credit profile in that it reduces pre-tax debt service cost and the company's overall cost of debt capital,” according to Joseph Princiotta, Moody's senior vice president and lead analyst for Diversey, in a news release.

“The transaction is also virtually net leverage neutral and improves the company's debt profile with its next maturity not until 2025.”

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