Moody’s rates BME add-on B2

Moody’s Investors Service said it gave a B2 rating to BME Group Holding BV’s planned €100 million first-lien senior secured term loan B add-on.

Proceeds will be used to repay €100 million of the second-lien term loan facility. The company will use cash on the balance sheet to cover any transaction-related fees and expenses.

Moody’s also changed the outlook to positive from stable. “The positive outlook balances BME’s strong operating results year-to-date, which were achieved despite a challenging operating environment, with still present downside risks,” stated Svitlana Ukrayinets, a Moody’s analyst, in a press release. “A continuation of the recent performance such that Moody’s adjusted gross leverage remains sustainably below 6.5x could support further positive rating pressure over the next 12 to 18 months”.

Concurrently, Moody’s affirmed all BME’s ratings, including its corporate family rating at B3, probability of default rating at B3-PD, the instrument rating on its first-lien senior secured term loan B at B2, its first-lien senior secured term loan A at B2, its €195 million first-lien senior secured revolving credit facility at B2 and its second-lien senior secured term loan at Caa2.

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