Moody’s rates CSP Technologies CFR, loans B3

Moody's Investors Service said it assigned a B3 corporate family rating and Caa1-PD probability of default rating to CSP Technologies Sarl, a subsidiary of Paris-based listed private equity firm Wendel Group.

The outlook is stable.

The agency also assigned a B3 rating to the $195 million senior secured credit facilities, which include a $25 million five-year revolver and a $170 million seven-year term loan. CSP Technologies North America (Parent), Inc. is a borrower under the credit facilities.

Proceeds will be used to acquire privately held CV Holdings, LLC, a manufacturer of specialty plastic containers for the pharmaceutical, food and dairy industries headquartered in Amsterdam, N.Y. After the acquisition, CSP Technologies North America (Parent), Inc. will merge with and into CV Holdings, which will be renamed CSP Technologies North America, LLC (CSP Technologies NA). CSP Technologies NA will continue as the surviving entity.

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