Moody’s rates Bid, loans B2

Moody's Investors Service said it assigned a B2 corporate family rating to Bid Co SB and a B2-PD probability of default rating. Moody's also gave B2 ratings to the €850 million senior secured term loan B and to the €150 million revolving credit facility to be issued by Bid Co.

Bid Co SB is the holding company of the new insurance brokerage group formed from the merger of two brokers based in France, Siaci Saint Honore SAS and Group Burrus Courtage. The merger will be effective after the obtention of regulatory approvals, which the company expects to occur in October.

The proceeds will primarily be used to repay debt previously issued by Siaci Saint Honore.

The outlook is positive. “The positive outlook reflects Moody's expectation that the leverage of the group will decrease below 5.5x in the next 18 months, thanks to organic EBITDA growth and an expected prudent financial strategy as regards future debt issuance,” the agency said in a press release.

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