Moody’s rates CMF notes B2

Moody's Investors Service said it assigned a provisional B2 instrument rating to the proposed €420 million senior secured notes due 2022 that are expected to be issued by CMF SpA, a newly incorporated entity to support the company's planned refinancing.

The outlook is stable.

Net proceeds, together with €167 million of cash on balance sheet, will be used to repay the existing senior secured notes, fund the €205 million equity purchase price to buy out minority shareholders, repay €48 million of other drawn debt and fund transaction costs.

At the same time, Moody's affirmed Manutencoop Facility Management SpA's corporate family rating of B2 and probability of default rating of B2-PD.

Should the contemplated refinancing conclude as envisaged, the agency said it would expect to move the corporate family rating to CMF from Manutencoop.

Upon full repayment, Moody's will withdraw the B2 instrument ratings on the existing senior secured notes due 2020 issued by Manutencoop.

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