Moody’s rates Infopro, notes B2

Moody's Investors Service said it assigned a B2 corporate family rating and a B2-PD probability of default rating to IPD 3 BV (Infopro Digital) and a B2 instrument rating to its new €500 million senior secured notes due 2022.

The outlook is stable.

Note proceeds will be used to repay the outstanding amounts under the company's current term loan B (€440 million) and existing revolving credit facility (€31 million) with €22 million from the proceeds remaining as cash on balance sheet. The company will also enter into a new €70 million super senior revolving credit facility due 2022.

Moody’s said the B2 corporate family rating reflects: (a) the company's leading position as a niche operator in the French B2B information market with a diversified portfolio of products; (b) the high percentage of recurring revenue coming from subscription related businesses and the high retention rate of its leading products; and (c) the company's positive free cash flow generation supported by low capex requirements and long-dated maturity profile.

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