Moody's gives Oxea facility B3

Moody's Investors Service said it changed the outlook on the B1 corporate family rating and B1-PD probability of default rating of Oxea Sarl to negative from stable.

Concurrently, Moody's affirmed these ratings.

In addition, Moody's changed the outlook on the B2 rating on Oxea's outstanding €427 million of equivalent senior secured notes due 2017, issued by Oxea subsidiary Oxea Finance & Cy SCA, to negative from stable and affirmed the rating. In conjunction with the refinancing transaction, these notes are expected to be redeemed by the end of July.

Furthermore, the agency assigned a provisional Ba3 rating to Oxea's proposed first-lien senior secured credit agreement and a provisional B3 to the company's proposed €250 million second-lien senior secured credit facility due 2020.

The first-lien senior secured credit facility consists of a multi-currency €120 million equivalent revolving credit facility due 2018, a €200 million term loan B-1 facility due 2019 and a €550 million equivalent term loan B-2 facility also due 2019.

Oxea recently announced a refinancing transaction that will result in the issuance of these new senior secured credit facilities that total an equivalent of about €1.0 billion. Proceeds from this transaction will be used to redeem the senior secured notes due 2017, fund a roughly €511 million dividend to shareholders and pay related transaction fees.

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