Moody's rates Global Blue debt B1

Moody's Investors Service said it assigned a B1 corporate family rating and a B2 probability of default rating to Global Blue Finance Sarl, the indirect holding company of Global Blue Luxembourg Holdings Sarl.

Concurrently, Moody's assigned a provisional B1 rating with a loss given default assessment of LGD3 to all of Global Blue's proposed new debt instruments, consisting of: (a) A revolving credit facility of €65 million due 2018; (b) term loan A of €120 million due 2018; and (c) term loan B of €277.5 million due 2019.

The capital structure will also contain a subordinated, long-dated shareholder loan of roughly €600 million, which Moody's said it deemed to be 100% equity-like in its metrics calculations.

The outlook is stable.

Proceeds from the transaction, together with a shareholder loan from the equity sponsor Silver Lake Technology Management LLC, will be used to refinance existing debt at Global Blue.

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