Moody's rates Glasstank notes Caa1

Moody's Investors Service said it assigned a corporate family rating of Caa1 and a probability of default rating of Caa1-PD to Glasstank BV.

Concurrently, the agency assigned a provisional Caa1 rating to the €180 million senior secured notes due 2019 to be issued by Glasstank.

The outlook is stable.

Glasstank is the top entity in a new restricted group, within the larger Yioula Glassworks SA family group.

Proceeds will be used to refinance existing senior notes issued by Yioula totaling €140 million and for general corporate purposes. Following the refinancing, at the restricted group, Glasstank will have €180 million of bonds, €82.2 million (pro forma 2013) of loans and €18 million of cash.

Upon successful closing of the transaction and once the refinancing of the Yioula senior notes has taken place, Moody's expects to withdraw the corporate family rating and probability of default rating at Yioula.

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