Moody's rates Avanza B1, B2

Moody's Investors Service said it assigned a B1 corporate family rating and a Ba3-PD probability of default rating to Avanza Spain SAU.

Concurrently, Moody's assigned a provisional B1 rating to Avanza's proposed €315 million of senior secured bonds due 2018 to be issued by AG Spring Finance Ltd. and a provisional B2 rating to the proposed €175 million of senior unsecured fixed rate bonds due 2019 to be issued by AG Spring Finance II Ltd.

The company will also raise a €50 million super senior revolving credit facility due 2017.

The company is proposing to use the proceeds of the senior secured bonds and the senior unsecured bonds to refinance existing senior facilities within Avanza.

As part of the refinancing, Avanza Spain SA and Avanza Interurbanos SL will be consolidated within Avanza, allowing the key assets of the group to be consolidated going forward.

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