Moody’s affirms Kiloutou

Moody's Investors Service said it affirmed the B1 corporate family rating and B1-PD probability of default rating for Kapla Holding SAS (Kiloutou).

Concurrently, Moody's affirmed the B1 instrument ratings on the €820 million senior secured term loan B, including the fungible €150 million add-on, and €120 million senior secured revolving credit facility raised by Kapla Holding.

The outlook is stable.

Proceeds from the €150 million add-on to term loan B will be used to repay the €34 million drawings under the revolver and to fund the company's pipeline of planned acquisitions.

Although the add-on will initially increase Moody's-adjusted gross leverage to 4.5x from 4.1x as at LTM November 2018, Moody's said it expects leverage to decrease to the current level once the acquisitions have been made.

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