Moody’s gives B2 to Archroma facilities

Moody's Investors Service said it assigned a B2 corporate family rating and B3-PD probability of default rating to SK Spice Holding Sarl, the ultimate parent holding company of Archroma.

Concurrently, the agency assigned a provisional B2 to the $440 million equivalent of senior secured term loan facilities – equally split between a five-year amortizing term loan A and a six-year “bullet” term loan B – and to the $75 million-equivalent multi-currency senior secured revolving credit facility, which will be borrowed by SK Spice Sarl, an indirect fully owned subsidiary of SK Spice Holding.

The outlooks are stable.

The term loans and a portion of the revolver will be used to repay in full the existing debt of Archroma and to fund the acquisition of BASF's textile chemical business (BASF Textile) and associated transaction costs.

The transaction is expected to close by August.

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