Moody's assigns Nenelite B2

Moody's Investors Service said it assigned a B2 corporate family rating and B2-PD probability of default rating to Nenelite Ltd. (UDG Huntsworth). Moody's also gave B1 ratings to the company's planned senior secured first-lien credit facilities.

Proceeds from the proposed term loan, an unrated second-lien British pound-denominated term loan and contributed equity and other funding outside the restricted group from CD&R will be used to fund the acquisition of UDG for about £2.9 billion, to repay Huntsworth’s debt and to pay transaction costs.

“UDG Huntsworth's B2 corporate family rating reflects the company's high financial leverage. Moody's estimates LTM debt/EBITDA is approximately seven times including synergies and excluding the temporary adverse impact of Covid-19 in the most recent LTM period. Moody's expects debt/EBITDA will approach the mid six times range within 12-18 months from closing,” the agency said in a press release.

The outlook is stable.

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