Moody’s assigns B1 to Global Blue loan

Moody's Investors Service said it affirmed Global Blue Finance Sarl's corporate family rating at B1 and probability of default rating at B2-PD following the company's proposed refinancing of its credit facilities and the payment of a one-off dividend to its shareholders.

The outlook is stable.

"Our decision to affirm the ratings on Global Blue reflects the fact that its performance has been resilient and its credit metrics will remain commensurate with its current rating after refinancing its credit facilities through an additional facility and distributing €56 million to its shareholders," Guillaume Leglise, Moody's analyst and lead analyst for Global Blue, said in a news release.

Concurrently, the agency assigned a B1 rating to the new €630 million senior secured term loan D of Global Blue Acquisition BV, a fully owned and guaranteed subsidiary of Global Blue.

Moody's also affirmed the B1 rating of Global Blue Acquisition's €80 million revolving credit facility.

The outlook on Global Blue Acquisition is stable.

The agency will withdraw the B1 ratings of Global Blue Acquisition's €102 million (outstanding) and €470 million senior secured term loans B and C following their full repayment upon closing of the transaction.

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