Moody’s rates Flint TopCo Caa2

Moody's Investors Service said it assigned a Caa2 long-term corporate family rating and Caa2-PD probability of default rating to Flint Group TopCo Ltd., a newly created and now the top-rated entity in the restricted group consolidated under Flint Group MidCo Ltd. (Flint OpCo formerly rated as ColourOz MidCo).

The agency also assigned B1 ratings to the €72 million equivalent super senior secured term loan and B3 ratings to the €600 million equivalent senior secured first-lien term loan B, both part of the operating restricted group debt issued by Flint Group MidCo and Flint Group Packaging Inks North America Holdings LLC.

In the same action, Moody's assigned a Caa2 rating to the €284 million equivalent senior secured first-lien term loan B PIK HoldCo facility (1L PIK HoldCo facility) and Caa3 rating to the €494 million equivalent senior secured second-lien term loan B PIK HoldCo facility (2L PIK HoldCo facility), both issued by Flint Group TopCo. The outlook on the three entities is stable.

The new ratings reflect the reorganization of ColourOz MidCo on Sept. 19, Moody’s said.

“The restructuring resulted in a more than 50% reduction in the operating group's debt through a partial restatement of the legacy first lien debt into the newly rated €600 million equivalent senior secured TLB. The remainder of the legacy first-lien and part of the second lien debt was reinstated as the newly rated Holdco facilities which are consolidated above Flint OpCo at Flint TopCo,” Moody’s said in a press release.

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