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Moody’s rates Verisure secured loan, notes B1
Moody’s said it assigned B1 ratings to Verisure Holding AB’s new €2 billion senior secured term loan due January 2028, new €700 million senior secured revolving credit facility due July 2027 and new €1.15 billion of senior secured notes due January 2027
Moody’s also gave a Caa1 rating to Verisure Midholding AB’s new €1.27 billion equivalent senior unsecured notes due January 2029.
Proceeds will be used to refinance debt and pay a distribution as part of a buyout by funds managed by owner Hellman & Friedman.
The agency affirmed Verisure Midholding’s B2 corporate family and B2-PD probability of default ratings.
“Moody’s-adjusted debt/EBITDA will increase to around 8.1x pro forma for the refinance from 6.2x for the last 12 (LTM) to Sept. 2020 but is expected to decrease below 7x in the next 18 months,” Moody’s said in a press release.
The outlook is stable.
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