Moody’s rates Entertainment One notes B1

Moody's Investors Service said it affirmed Entertainment One Ltd.'s Ba3 corporate family rating and Ba3-PD probability of default rating.

Concurrently, Moody's assigned a B1 instrument rating to the new £425 million senior secured notes due 2026 issued by the company.

The outlook is stable.

Proceeds from the new notes will be used to refinance the company's existing £355 million senior secured notes due 2022 (unaffected), pay the £12 million early redemption costs on the existing notes, repay the outstanding £52 million term loan, and pay transaction costs.

“Whilst the transaction is relatively leverage neutral, Moody's positively views the fact that the refinancing of the existing senior secured notes due 2022 by the new senior secured notes due 2026 will improve the company's maturity profile,” Sebastien Cieniewski, Moody's lead analyst for Entertainment One, said in a news release.

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