Moody’s reviews Sisal, Gaming; rates Schumann notes B1

Moody's Investors Service said it assigned provisional B1 instrument ratings to the proposed €725 million dual tranche senior secured notes split between floating-rate notes due 2022 and fixed-rate notes due 2023 to be issued by Schumann SpA, with a stable outlook.

Schumann is a newly incorporated entity, expected to be the future parent and holding company of Sisal Group SpA.

At the same time, the agency placed all ratings of Gaming Invest Sarl, current parent and holding company of Sisal, under review for upgrade, including its B2 corporate family rating, B2-PD probability of default rating and the B1 rating on the €275 senior secured notes issued by Sisal.

Moody’s said the action reflects the announcement that private equity firm CVC Capital Partners agreed to acquire through Schumann, the entire share capital of Sisal, from Apax Partners, Permira and Clessidra. CVC is expected to fund the acquisition with about €302 million of cash equity and €725 million of senior secured floating- and fixed-rate notes due 2022 and 2023 respectively, to be issued by Schumann.

The transaction is expected to complete in September.

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