Moody’s gives B1 to Synthomer notes

Moody's Ratings said it assigned a B1 rating to Synthomer plc's planned five-year backed senior unsecured note issuance for an amount up to €350 million and a tender offer with a maximum acceptance of €370 million.

Synthomer’s B1 long-term corporate family rating, B1-PD probability of default rating and the B1 rating on the €520 million backed senior unsecured notes are unaffected by this action.

The proceeds and around €20 million of balance sheet cash will be used to buy notes outstanding under the €520 million of backed senior unsecured notes due in July 2025, as part of a refinancing transaction.

“Moody's considers Synthomer's new issuance will substantially address the current refinancing risk under the €520 million backed senior unsecured debt, a credit positive,” the agency said in a press release.

The outlook is negative.

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