Moody's rates Lowell notes B1

Moody's Investors Service said it assigned a provisional B1 corporate family rating to Lowell Group Ltd.

Moody's also assigned a provisional B1 rating to the proposed £200 million long-term senior secured bond to be issued by Lowell Group Financing plc.

The outlook is stable.

Moody's said the ratings are contingent upon Lowell's success in placing the proposed £200 million senior secured notes and completing the planned recapitalization program, whereby it will use the proceeds from the bond issuance to repay the existing senior facility agreement, the total amount outstanding on an existing shareholder loan and a dividend payment in respect of the accrued but unpaid dividends on the existing preference shares.

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