Moody’s rates P&I, loans B2

Moody's Investors Service said it assigned a B2 corporate family rating and B2-PD probability of default rating to P&ISWBidCo GmbH.

The agency also assigned B2 instrument ratings to the new €355 million senior secured term loan B due 2025 and the new €25 million senior secured revolving credit facility due 2024.

The outlook is stable.

The new bank debt together with €48 million of cash on the balance sheet will replace the existing debt, including the €345 first-lien term loan B1 due 2023, the €15 million revolving credit facility due 2022, the €45 million acquisition/capex facility due 2022 as well as the €55 million second-lien term loan.

Moody’s said the assignments reflect both the 6.0x pro-forma Moody's-adjusted debt/EBITDA expected for fiscal year-end March 2018, a 0.8x decline following the transaction, and the continued solid performance of the company in fiscal 2018.

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