Moody's assigns Kane Bidco, notes B1

Moody's Investors Service said it assigned a B1 corporate family rating and a B1-PD probability of default rating to Kane Bidco Ltd. The agency also assigned a B1 rating to the £675 million of senior secured notes to be issued by Kane. The issuer is an intermediate holding company of True Potential Group Ltd.

“The rating assignment follows the recent announcement of Cinven's acquisition of a majority stake in True Potential. The transaction is expected to be financed via a combination of debt and equity,” Moody’s said in a press release.

“Kane Bidco's B1 CFR reflects True Potential's growing presence in the wealth platform advisory space, its strong assets under management (AUM) resilience as well as the group's solid profitability. These strengths are offset by its small scale and very limited geographic diversification, as all assets are sourced in the U.K. The rating is also constrained by the current level of financial leverage,” the agency noted.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.