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Moody’s rates Sapphire facilities, reviews TMF
Moody's Investors Service said it assigned provisional B2 instrument ratings to the proposed €950 million equivalent first-lien term loan due 2024 and the €150 million equivalent revolving credit facility due 2024 and a provisional Caa2 instrument rating to the proposed €200 million second-lien term loan due 2025, which are all expected to be issued by Sapphire Bidco BV.
The outlook is stable.
Sapphire Midco BV and Sapphire Bidco are newly incorporated entities. Sapphire Midco is expected to be the future holding company of TMF Group.
At the same time, Moody's placed under review for downgrade TMF Group Holding BV's B2 corporate family rating of B2 and B2-PD probability of default rating.
TMF Group Holding is the current parent and holding company of TMF Group.
The ratings on the outstanding debt issued by TMF Group Holding are unchanged and would be withdrawn upon repayment.
“Should the acquisition of TMF by Sapphire conclude as envisaged, Moody's would expect to move the CFR from TMF Group Holding BV to Sapphire Midco BV, to reflect the new corporate structure,” the agency said in a news release.
“Moody's current expectation is also that the CFR will be downgraded to B3 from B2, principally due to the anticipated re-leveraging of the business by approximately 2.5x as a result of the increase in total financial debt by €0.4 billion post LBO.”
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