Moody’s gives Ba3 to Action term loan B-3, revolver

Moody's Investors Service said it changed the outlook to positive from stable on the ratings of Peer Holding III BV (Action).

Moody's also affirmed the company's Ba3 corporate family rating, the Ba3-PD probability of default rating, the Ba3 instrument ratings on the company's €2.29 billion senior secured term loan B-1 and €625 million senior secured term loan B-2.

Moody's assigned a Ba3 rating to the proposed new senior secured term loan B-3 for an amount of at least €1.5 billion due in September 2028, and a Ba3 rating to the upsized €500 million revolver due in June 2028.

The agency said the contemplated transaction is leverage neutral and aims at extending the company's debt maturity profile.

The company's senior secured revolver will be upsized from €125 million and its maturity will be extended to from March 2024, and the €2.29 billion term loan B-1 maturing in March 2025 will be partly rolled over into the new term loan B-3 due September 2028.

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