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Moody's changes Keter view to positive, rates loans B3
Moody's Investors Service said it changed to positive from stable the outlook on the ratings of Keter Group BV. Concurrently, Moody's has affirmed the company's B3 corporate family rating and its B3-PD probability of default rating.
Moody's said it also assigned B3 ratings to the proposed new senior secured term loan B due 2029 and senior secured revolving credit facility due in 2028 to be raised by Keter Group.
Proceeds from the proposed 1.175 billion term loan B will be used to repay the company's existing 1.105 billion senior secured term loan B due 2023, to pay transaction fees and expenses and for general corporate purposes. The company also plans to upsize the revolver to 150 million from 110 million.
We have changed the outlook on Keter to positive from stable to reflect its continued improvement in operating performance, which will lead to a faster deleveraging profile than previously anticipated, with a Moody's adjusted gross leverage ratio reducing to below 5.5x over the next 12 to 18 months, said Pilar Anduiza, Moody's lead analyst for Keter, in a news release.
The change in outlook also reflects the company's improved liquidity profile following the refinancing.
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