Moody’s assigns Adria Midco notes B2

Moody’s Investors Service said it assigned a B2 rating to the proposed €350 million of guaranteed senior secured notes due 2027 to be issued by United Group BV, a fully owned subsidiary of Adria Midco BV.

Proceeds will be used to repay €178 million of drawings under the super senior revolving credit facility due 2025 and to pay €39 million in committed amounts for completed acquisitions. Adria plans to leave €129 million as cash on the balance sheet to be used for general corporate purposes, which may include future acquisitions, working capital, capital expenditures and associated transaction costs.

Adria’s B2 rating is unchanged. Moody’s said it projects an increase of about 0.3x in Adria’s adjusted gross debt/EBITDA.

The outlook is stable.

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