Moody's: Iceland Foods loans Ba3

Moody's Investors Service said it assigned a Ba3 corporate family rating and a B1 probability of default rating to Oswestry Midco, the parent holding company of Iceland Foods Group.

Concurrently, Moody's assigned a provisional Ba3 rating to Iceland's proposed first-lien senior secured credit agreement, consisting of (a) a £25 million revolving credit facility due 2018; (b) a £300 million term loan A facility due 2018; and (c) a £560 million equivalent term loan B facility due 2019.

The outlook is stable.

Proceeds from the transaction will be used to partially finance an organized buyback of a majority of the company's equity by current management and a small consortium of private investors, Moody's said.

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