Moody’s gives Clarion Events, facilities B2

Moody's Investors Service said it assigned a B2 corporate family rating and a B2-PD probability of default rating to Comet Bidco Ltd., the parent and 100% owner of Clarion Events Ltd.

Concurrently, the agency assigned B2 ratings to the £315 million senior secured term loan B1 facility due 2024, the $420 million senior secured term loan B2 due 2024 and the £75 million revolving credit facility due 2023.

The outlook is negative.

The facilities include a $230 million senior secured incremental term loan B2 facility due 2024 which, together with cash on balance sheet, will be used to finance the acquisition of PennWell, pay associated fees and expenses and repay existing revolving credit facility drawings. This acquisition completed in March.

"The B2 rating with a negative outlook reflects Clarion's high leverage and track record of rapid growth through M&A, which may stretch management's resources, but also the company's increased scale, geographic and event-diversification by industry following the recent acquisitions of Global Sources and PennWell," Christian Azzi, Moody's assistant vice president and lead analyst for Clarion, said in a news release.

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