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Moody's gives AI Avocado loans B1
Moody's Investors Service said it assigned a corporate family rating of B2 and a probability of default rating of B2-PD to AI Avocado Holding BV.
Concurrently, the agency assigned a B1 rating to the €440 million senior secured term loan B and €450 million senior secured revolving credit facility, to be borrowed by AI Avocado BV, and to be pushed down to UNIT4 NV.
The outlooks are stable.
On March 21, UNIT4 and AI Avocado BV announced that as a result of the acquisition of more than 95% of the shares of UNIT4, the listing and trading of these shares on Euronext Amsterdam will be terminated. AI Avocado BV now holds about 99.35% of the total number of shares.
AI Avocado Holding BV and AI Avocado BV are ultimately controlled by Advent International and have been incorporated for the buyout of UNIT4. UNIT4 is a software vendor focused on FMS and ERP solutions for mid-sized services firms and the public sector.
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