Moody’s rates Coveris loans B2

Moody's Investors Service said it assigned B2 ratings to Coveris Holdings SA’s proposed new extended and amended senior secured term loans, including a $510.7 million tranche and a €401.6 million tranche.

The company's B3 corporate family rating, B3-PD probability of default rating as well as other instrument ratings are unchanged.

The outlook is stable.

Proceeds will be used to repay existing term loans.

Coveris' B3 corporate family rating, B3-PD probability of default rating and other instrument ratings are unchanged as the transaction is leverage neutral but extends the term loan maturity to June 2024 from May 2019. Moody's said it expects the company will successfully execute on its operating plan and generate positive free cash flow while maintaining adequate liquidity in the rating horizon.

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