Moody's rates ghd notes B3

Moody's Investors Service said it assigned a B3 corporate family rating and a B3-PD probability of default rating to Lion/Gloria Holdco Ltd., the ultimate parent of the Jemella Group, which trades under the brand commonly known as "ghd" (goodhairday).

Concurrently, the agency assigned a provisional B3 rating and loss given default assessment of LGD4 (53%) to the proposed £165 million worth of senior secured notes due in 2020 to be issued by ghd Bondco plc.

The outlooks are stable.

"The company is strongly positioned in the B3 category reflecting credit strengths such as (1) ghd's established brand equity and its continuous brand investment; (2) ghd's clear market leadership in the hair stylers sector; (3) a strong focus on innovation and technology; and (4) its adequate liquidity profile," Lola Cavanilles, Moody's associate vice president and lead analyst for ghd, said in a news release.

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