Moody's: CSM Bakery loans B1, B3

Moody's Investors Service said it assigned a B2 corporate family rating and a B2-PD probability of default rating to the acquiring company of the global bakery supplies business of CSM NV (CSM Bakery Supplies).

Moody's also assigned a B1 rating to the proposed $650 million first-lien term loan and a B3 rating to the proposed $200 million second-lien term loan being raised to fund the leveraged buyout of the business.

A separate proposed asset-based revolving credit facility will not be rated by Moody's.

The outlook is stable.

The senior secured first-lien debt is rated one-notch above the corporate family rating, reflecting its senior position in the capital structure to at least $200 million of other secured debt instruments.

The senior secured second-lien debt is rated one notch below the corporate family rating reflecting, its junior position in the capital structure to $650 million of first-lien debt and a proposed $150 million asset-backed revolver (not rated), the agency said.

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