Moody’s rates Optimus BidCo loans B2, Caa1

Moody's Investors Service said it assigned a B2 corporate family rating and a B2-PD probability of default rating to Optimus BidCo SAS, the parent company of Financiere Efel SAS.

The agency also assigned B2 ratings to the €75 million revolving credit facility and the €400 million first-lien term loan, as well as a Caa1 rating to the €85 million second-lien term loan.

The outlook is stable.

Moody's said it withdrew the B2 corporate family rating and the B2-PD probability of default rating for Financiere Efel and expects to withdraw the B2 instrument ratings assigned to the €295 million term loan B and a €6 million revolver.

“The B2 corporate family rating takes into account Optimus' market position in Europe's storage racking market where management sees itself as the number one provider in France, Belgium and the Netherlands, which in total account for about 51% of revenues,” the agency said in a news release.

“The company has relatively high EBITA margins, hovering around 10%.”

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