Moody’s assigns Delachaux loans B2

Moody’s Investors Service said it assigned B2 instrument ratings to Delachaux Group SA's amended and extended €770 million backed senior secured term loan B due 2029 and the €75 million backed senior secured revolving credit facility due 2028.

The B2 ratings on the company's existing backed senior secured term loans and backed senior secured revolver are unaffected. Moody’s also affirmed Delachaux’s B2 corporate family and B2-PD probability of default ratings.

Delachaux will use the term loan and balance sheet cash to refinance the outstanding €639 million backed senior secured term loan and the outstanding $140 million backed senior secured term loan and to pay transaction fees and expenses.

“The proposed transaction extends the maturities of its backed senior secured RCF and backed senior secured TLB by three years. The transaction is leverage neutral with Moody's adjusted leverage at around 6.5x as of August 2023,” the agency said in a press release.

The outlook remains stable.

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