Moody's rates Giralda loan B2

Moody's Investors Service said it assigned a B2 corporate family rating and B2-PD probability of default rating to Giralda Holding Conexion, SLU.

The agency also said it assigned a B2 instrument rating to the €320 million senior facility B due 2026 to be raised by Giralda Holding Conexion and Konecta BTO SL.

Moody's aso assigned a B2 rating on its €60 million senior revolving facility due 2025 to be raised by Giralda Holding.

The outlook is stable.

The proceeds from the issuance of the senior facility B, alongside new equity amounting to €316 million in the form of common equity and shareholder loans, will be used to fund the acquisition of Inbond Inversiones 2014, SL by Intermediate Capital Group, Moody's said.

The proceeds were also used to refinance the Inbond Inversiones 2014's existing debt and pay related fees, the agency said.

The ratings reflect the company's leading position in the outsourced CRM-BPO market in Spain and in certain Latin American countries, along with its long-standing relationship with large customers, Moody's said.

These strengths are mitigated by an expectation that Konecta will generate relatively moderate free cash flow, the agency said.

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