Moody’s might up Nassa

Moody's Investors Service said it placed Nassa Finco AS' (Nets or the company) B2 corporate family rating and B2-PD probability of default rating, as well as the B2 instrument rating on the senior secured bank facilities issued by subsidiaries Nassa Midco AS and Nets Holding A/S, under review for upgrade.

Moody’s said the review follows Nassa Finco’s Sept. 1 announcement of its intention to launch an initial public offering (IPO) of Nets A/S' shares and to list on Nasdaq Copenhagen. Nets A/S has been set up for the purpose of acquiring Nassa Topco AS, the top holding company of Nets, pursuant to a reorganization, which will be carried out in connection with the IPO.

The company expects to raise proceeds from the issuance of new shares of about Kr 5.5 billion.

Proceeds, alongside drawings under new banking facilities to be put in place subject to the IPO and cash on balance sheet, will be used to: (a) Repay the Kr 4.2 billion PIK loan outstanding as of June 30 and its make whole premium issued by Nassa Holdco AS, Nassa Finco’s parent company; (b) repay the company's outstanding senior secured facilities; and (c) pay transaction fees.

The new banking facilities consist of a €485 million term loan 1 maturing in 2019, a €485 million term loan 2 maturing in 2021 and a €475 million revolving credit facility maturing in 2021, all to be issued by Nassa Midco AS.

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