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Moody’s could upgrade ghd
Moody's Investors Service said it placed the B3 corporate family rating and B3-PD probability of default rating of Lion/Gloria Holdco Ltd. (ghd) on review for upgrade.
Concurrently, the B3 (LGD 4) rating assigned to the £165 million worth of senior secured notes issued by ghd Bondco plc was also placed on review for upgrade.
The review follows the Oct. 17 announcement that Lion Capital LLP entered into a definitive agreement to sell ghd to Coty Inc. (Ba1 stable) for about £420 million ($510 million). The purchase consideration is expected to be funded by a mix of cash on hand and available debt facilities.
The transaction is subject to regulatory approval and is expected to close by year end.
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