Moody's rates Adria Midco notes B2

Moody's Investors Service said it assigned a B2 rating to the planned €580 million of guaranteed fixed-rate senior secured notes due 2030 and to the €400 million of guaranteed floating-rate senior secured notes due 2029 to be issued by United Group BV, a fully owned subsidiary of Adria Midco BV.

The B2 rating, equal to Adria’s corporate family rating, reflects the notes ranking behind the super senior revolving credit facility due 2025, Moody’s said.

The proceeds and balance sheet cash will be used to repay the bridge facilities signed to finance the acquisition of Wind Hellas for an enterprise value of around €1 billion, including associated transaction costs. The acquisition is expected to close on Jan.12.

The outlook is stable.

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