Moody’s ups Schoeller Allibert, rates notes B2

Moody's Investors Service said it upgraded Schoeller Allibert Group BV’s corporate family rating to B2 from B3 and probability of default rating to B2-PD from B3-PD.

The outlook is stable.

Moody’s said the upgrade primarily reflects the following drivers:

• Reduction in leverage, improvement in maturity profile and debt structure proforma for the refinancing; and

• Resilient financial performance with stable EBITDA despite recent decline in sales.

Concurrently, the agency assigned B2 rating to Schoeller Allibert's €210 million senior secured notes due 2021.

Proceeds will be used to support the refinancing of the existing debt, including bank loans, vendor loan and lease facilities and pay estimated fees and expenses in connection with the transaction. Additionally, around €18 million of proceeds will be retained as cash on balance sheet for general corporate purposes. The transaction also includes a new €30 million 4.5-year super senior revolving credit facility (unrated).

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