Moody’s rates Kiwi VFS facilities B2, Caa1

Moody's Investors Service said it assigned a B2 corporate family rating and a B2-PD probability of default rating to Kiwi VFS SUB I Sarl (in conjunction with the partial refinancing of its second-lien term loan.

Concurrently, the agency assigned B2 ratings to the existing $39 million senior secured revolving credit facility due 2023, the $51 million senior secured guarantee facility due 2023, the £321 million senior secured term loan B1 due 2024, the €315 million senior secured term loan B2 due 2024 (increased from €271 million with this transaction), and Caa1 rating to the $74 million senior secured second-lien term loan due 2025.

All the facilities are borrowed or to be borrowed by Kiwi VFS SUB II Sarl and guaranteed by Kiwi VFS SUB I.

The outlook on all ratings is stable.

Proceeds from the €44 million and the £50 million increase in the senior secured term loan will be used to refinance $117 million of the senior secured second-lien term loan.

At close, Moody's expects Kiwi VFS to have about CHF 106 million of cash in the balance sheet cash and $19 million of its revolver undrawn.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.