Moody's: Turnstone notes B2, Caa1

Moody's Investors Service said it assigned a B2 corporate family rating and a B2-PD probability of default rating to Turnstone Midco 2 Ltd. (owner of Integrated Dental Holdings).

At the same time, Moody's assigned provisional B2 instrument ratings with an LGD assessment of LGD4-51% to the proposed £200 million senior secured fixed-rate notes due 2018 and the £125 million senior secured floating-rate notes due 2018 as well as a provisional Caa1/LGD 6-96% instrument rating for £75 million of second-lien notes due 2019, all of which will be issued by IDH Finance plc, a subsidiary of Turnstone.

The outlook is stable.

Moody's issues provisional instrument ratings in advance of the final sale of securities and these reflect the rating agency's credit opinion regarding the transaction only.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.