Moody's rates Arvos BidCo, loans Caa1

Moody's Ratings said it assigned a Caa1 long-term corporate family rating and Caa1-PD probability of default rating to Arvos BidCo Sarl, the new top holding entity of the restricted group consolidating the operations of Arvos.

Moody's also assigned a Caa1 rating to both euro and dollar tranches of Arvos' amended €175 million equivalent outstanding backed senior secured first-lien term loan B4 due 2027 and to the €28 million backed senior secured first-lien revolving credit facility due 2027 at Arvos BidCo.

The rating agency also assigned a Caa3 rating to the euro and dollar tranches of the €30 million equivalent hived-up senior secured first-lien term loan B due 2027 at Arvos Holdco Sarl.

The outlook on Arvos BidCo was changed to positive from negative. The outlook at Arvos Holdco is positive.

Concurrently, Moody's said it withdrew the existing Ca CFR at Arvos Midco Sarl as well as the existing backed senior secured bank credit facilities ratings on Arvos BidCo's euro and dollar backed senior secured first-lien term loan B and backed senior secured first-lien revolving credit facility both rated Ca. The outlook on Arvos Midco remains negative.

This follows Arvos' completion of a comprehensive debt restructuring in April 2024. The restructuring constitutes a distressed exchange, a default under Moody's definitions.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.