Moody's assigns Pearls B3, loans B2

Moody's Investors Service said it assigned a B3 corporate family rating and a B3-PD probability of default rating to Pearls (Netherlands) BidCo BV (Caldic Group) and B2 instrument ratings to the planned €1 billion equivalent senior secured first-lien term loan B and the €155 million senior secured first-lien revolving credit facility, both issued by Pearls.

The planned capital structure also includes an unrated, pre-placed €265 equivalent million second-lien term loan.

The proceeds will be used primarily to finance the purchase of Caldic Holdco BV, repay debt at Caldic Investments BV and GTM Group (GTM), pay for transaction-related fees and finance general corporate purposes to the extent of any overfunding at the closing date. Other funding sources include a significant cash equity contribution from Advent International on top of the non-cash equity contribution of GTM.

Moody's said it expects the equity funding will be in common equity. Pearls BidCo will become the new holding company of Caldic and GTM.

Moody's also plans to withdraw all ratings for Caldic Midco BV, a subsidiary of Caldic Holdco BV, once all debt issued in the Caldic's corporate family is repaid.

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.