Moody’s could raise Equiniti

Moody's Investors Service said it placed all ratings of Equiniti Cleanco Ltd. and its subsidiary under review for upgrade, including the B2 corporate family rating, B2-PD probability of default rating and the B3 instrument rating on the £440 million dual tranche senior secured fixed and floating notes due 2018 issued by Equiniti Newco 2 plc.

Moody’s said its decision to place the ratings under review for upgrade follows Equiniti's Oct. 2 announcement of its intention to proceed with an initial public offering on the regulated market of the London Stock Exchange, as Equiniti Group Ltd. The listing prospectus was issued on Oct. 14.

The total size of the IPO is expected to result in a free float of more than 50% of the issued share capital and raise gross proceeds of about £390 million (including a £75 million subscription for new shares by Advent International Corp.).

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