Moody's rates Magnolia notes B2

Moody's Investors Service said it assigned a B2 corporate family rating and a B1-PD probability of default rating to Magnolia (BC) Midco Sarl, the direct parent company of the issuer and ultimate holding company of Maisons du Monde SAS.

Concurrently, Moody's assigned a provisional B2 rating, with a loss given default assessment of LGD5, 72%, to the proposed €325 million worth of senior secured notes due 2020 to be issued by Magnolia (BC) SA.

The outlook is stable.

The proceeds from the proposed issuance will be used to repay all existing debt, including mezzanine notes and bank facilities, and finance the acquisition by Bain Capital and certain members of Maisons du Monde management of the share capital of Ginkgo B. Co. SAS and other entities that form the Maisons du Monde group, and related transaction costs.

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