Moody’s assigns Hunkemoller, notes B3

Moody’s Investors Service said it gave a B3 corporate family rating, a B3-PD probability of default rating and a B3 rating to Hunkemoller’s (Shero Bidco BV) planned €272.5 million of senior secured notes. Hunkemoller also obtained an unrated €50 million super senior revolver. The outlook is stable.

“The B3 corporate family rating (CFR) with a stable outlook reflects Hunkemoller's leading position in the intimate apparel market in its core markets, Germany, Netherlands and Belgium, and its strong brand awareness,” Moody’s said in a press release.

However, the B3 rating is limited by company's scale with €560 million sales in 2021 (fiscal year end January 2022) and that 80% of sales were generated in Germany, Netherlands and Belgium, the agency said.

Hunkemoller will use the proceeds

The agency said it forecasts Moody's-adjusted gross debt/EBITDA to remain broadly stable at around 5x in the 12-18 months following the closing of the transaction.

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