Moody's rates Skillsoft loans B1, Caa2

Moody's Investors Service said it assigned a B3 corporate family rating and B3-PD probability of default rating to Evergreen Skills Lux Sarl, an entity formed by funds managed by Charterhouse Capital Partners LLP that will acquire SSILuxco Sarl, an indirect parent company of Skillsoft Ltd. at transaction closing.

The agency also assigned B1 ratings to Evergreen's proposed first-lien senior secured bank credit facilities, consisting of a $100 million revolving credit facility due 2019 and a $900 million term loan due 2021.

In addition, Moody's assigned a Caa2 rating to the proposed $485 million second-lien senior secured term loan due 2022.

The outlook is stable.

Proceeds from the proposed bank debt combined with an equity contribution from the sponsor will be used to fund the acquisition of Skillsoft and repay existing debt.

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