Moody's assigns B1 to Ontex notes

Moody's Investors Service said it assigned a B1 rating to the planned €580 million of guaranteed senior unsecured notes due 2026, to be issued by Ontex Group NV.

The B1 rating is in line with the corporate family rating. “Moody's assumes a 50% standard family recovery rate, to reflect the presence of both notes and bank debt within the company's capital structure,” the agency said in a press release.

The proceeds will be used to refinance an equivalent amount under the term loan due November 2022. The company is also refinancing its senior unsecured bank credit facilities, including the €150 million term loan due 2024 and the €300 million guaranteed revolving credit facility due 2022, with a new €220 million term loan and a new €250 million revolver, both due 2024.

The outlook is stable.

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