Moody's assigns B2 to Stark add-on loan

Moody's Investors Service said it assigned a B2 rating to the planned €400 million non-fungible senior secured term loan B due May 2028 add-on to be borrowed by Winterfell Financing Sarl. (Stark). Stark will also issue a new super senior revolver, with maturity November 2027 in line with the senior secured RCF.

All Stark’s other ratings, including its corporate family rating, B2-PD probability of default rating and B2 ratings on the outstanding €1.345 billion senior secured term loan B and the €200 million senior secured revolver are not affected.

The company plans to use the proceeds mostly to refinance its €375 million term loan issued with Nordics banks to fund the acquisition of Compagnie de Saint-Gobain 's remaining distribution business in the U.K., as well as to partly repay drawings under the senior secured revolving credit facility.

The outlook is stable.

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