Moody’s rates Guala Closures notes B1

Moody’s Investors Service said it assigned a B1 corporate family rating and a B1-PD probability of default rating to Guala Closures SpA.

The agency assigned a B1 rating to the €450 million senior secured floating-rate notes due 2024 to be issued by Guala.

The outlook is stable.

The proceeds from notes will be used to refinance a €450 million bridge loan and to pay the transaction fees.

“Today's action reflects Guala's improved capital structure and liquidity following the acquisition by Space4 and its subsequent listing,” the agency said in a news release.

“With the transaction, the company's outstanding debt fell by approximately €110 million because the €545 million outstanding under the former RCF was repaid with a €146 million cash contribution and €510 million FRNs were redeemed and new debt facilities of €450 million were issued.”

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