Moody’s reviews SIG Combibloc, rates loans Ba3

Moody's Investors Service said it placed the B2 corporate family rating and B2-PD probability of default rating of SIG Combibloc Holdings SCA under review for upgrade.

The agency also assigned Ba3 ratings to the new senior secured facilities borrowed at subsidiaries SIG, Combibloc PurchaseCo Sárl, SIG Combibloc US Acquisition Inc. and SIG Combibloc US Acquisition II Inc.

Moody’s said the actions follow the announced intention to launch an IPO on Sept. 3 by parent company SIG Combibloc Group AG.

The agency said it expects SIG to substantially reduce debt from primary proceeds alongside the reduction in ownership of private equity sponsor Onex.

Additionally, the new €1.25 billion term loan A and €350 million term loan B, together with the new €300 million multi-currency revolving credit facility will replace the remaining rated facilities as well as the currently outstanding senior unsecured notes.

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