Moody’s rates LHC3 CFR, notes Ba2

Moody's Investors Service said it assigned a Ba2 corporate family rating to LHC3 plc, the holding company of Allfunds Bank SA, an open architecture business to business (B2B) fund distribution platform.

The agency also assigned a provisional Ba2 rating to the senior secured notes issued by LHC3, which will be issued to help fund the acquisition of Allfunds Bank.

An overall outlook of stable was assigned.

Moody’s said the action is based on its expectation that Allfunds Bank will be sold by its current owners Santander Asset Management and Intesa Sanpaolo to Hellman & Friedman (64%), a private equity investor, together with GIC (36%), the Singapore sovereign wealth fund. To help fund the acquisition, the agency expects LHC3 to issue €575 million of senior secured PIK toggle notes and an undrawn €60 million super senior secured revolving credit facility.

© 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.