Moody’s rates Action CFR, loans B1

Moody's Investors Service said it assigned a corporate family rating of B1 and a probability of default rating of B1-PD to Peer Holdings BV, which will shortly be renamed Action Holding BV, in the context of a corporate structure reorganization.

Concurrently, the agency assigned a provisional B1 rating to the €840 million senior secured bank facilities comprising a €780 million senior term loan B and a €60 million revolving credit facility due six years and five years from drawdown, respectively, and for which Action will be the borrower.

The outlook is stable.

Proceeds from the new facilities will be used to refinance existing loans, including bank facilities and shareholder loans as well as to pay a dividend to current shareholders, including majority-owners 3i.

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