Moody’s reviews Selecta; rates notes, revolver

Moody's Investors Service said it assigned provisional B3 instrument ratings to the proposed €1.3 billion equivalent senior secured notes split between floating-rate and fixed-rate notes due 2024 to be issued by Selecta Group BV.

The agency also assigned a provisional B1 rating to the company’s proposed €150 million super senior secured revolving credit facility (SSRCF) due 2023.

At the same time, Moody's placed Selecta's Caa1 corporate family rating and Caa1-PD probability of default rating under review for upgrade.

The newly assigned ratings are not under review.

Moody’s said the action reflects: (a) The launch of a full refinancing of Selecta's capital structure; (b) the expected refinancing of the company's Intercompany PEC Proceeds Loan, which is currently classified as part of the company's debt; (c) improved liquidity and extended maturity of the company's proposed financing; and (d) the expected closing of the acquisition of Gruppo Argenta SpA.

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