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Moody’s upgrades LSF9 Balta, notes to B1
Moody's Investors Service said it upgraded LSF9 Balta Issuer SA’s corporate family rating to B1 from B2, probability of default rating to B1-PD from B2-PD and the senior secured note rating to B1 from B2.
The outlook on all ratings remains stable.
Moody’s said the upgrade reflects the successful completion of the initial public offering (IPO) with net proceeds of €137.6 million, which are expected to be used to reduce gross debt and improve Moody's adjusted pro forma leverage to 3.6 times debt/EBITDA as of December 2016 from 5 times pro forma for the Bentley Mills, Inc. acquisition closed in March 2017.
The debt to be repaid consists of $44.1 million of debt at Bentley, of the senior term loan of €75 million issued to finance Bentley's acquisition in March 2017 and a partial repayment of €21.2 million of LSF9 Balta's senior secured notes due in 2022.
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