Moody’s rates Wagamama notes B2

Moody’s Investors Service said it has assigned a first-time corporate family rating of B2 and a probability of default rating of B2-PD to Mabel Mezzco Ltd., the holding company for the Wagamama group of companies.

Concurrently, Moody's said it has assigned a provisional rating of provisional B2 to the new £150 million of senior secured notes due 2020 to be issued by Wagamama Finance plc. The outlook is stable.

Proceeds from the note issues will be used to refinance existing debts and pay transaction fees, with the remaining £3 million of proceeds being added to the cash on the balance sheet at closing, the agency noted.

Mabel Bidco Ltd. said it will also be issuing a new £15 million super senior revolving credit facility, which will be used for general corporate purposes and is expected to be undrawn at closing.

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