Moody's rates Marcolin secured notes B3

Moody's Investors Service said it affirmed the B3 corporate family rating and the B3-PD probability of default rating of Marcolin SpA and assigned a B3 rating to the proposed €350 million guaranteed senior secured notes due 2026 issued by Marcolin.

The outlook remains negative.

Proceeds from the new notes will be used to refinance existing debt, including the outstanding €250 million guaranteed senior secured notes due 2023, €40 million drawing under the revolving credit facility maturing in 2022 and a €50 million bank loan maturing in 2025.

“While the refinancing is leverage neutral, the negative outlook continues to reflect Marcolin's very high leverage, with future deleveraging remaining subject to a material improvement in operating performance which carries significant execution risk,” Moody’s said in a news release.

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