Moody’s assigns Paper facility B2

Moody's Investors Service said it assigned a B2 rating to the €115 million backed senior secured bank credit facility of Paper Industries Holding Sarl on Dec. 28. The issuer is a wholly owned subsidiary of Paper Industries Intermediate Financing Sarl.

The backed senior secured bank credit facility borrowed by PI Holding, that matures on Jan. 31, 2024, has a one-year extension option at the election of PI Intermediate and is split into a €75 million term loan A, €5 million term loan B and a €35 million revolving credit facility.

“Moody's decision mirrors the fact that PI Holding became the borrower of the facilities during an amendment of the original term and revolving facilities agreement dated Jan. 27, 2020. The facility is fully guaranteed by PI Intermediate Financing.

The outlook on PI Holding is stable.

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