Moody’s rates Andromeda loans B2

Moody's Investors Service said it assigned a B2 corporate family rating to Andromeda Investissements and a probability of default rating of B2-PD.

Moody's also assigned a provisional B2 rating to the proposed €358 million and €192 million senior secured term loans and €100 million revolving credit facility to be issued by Andromeda Investissements.

The outlook is stable.

Andromeda is controlled by funds managed by CVC.

The proposed loan issuance follows the agreed sale of 65.13% of April SA from Evolem to Andromeda.

“The B2 corporate family rating on Andromeda reflects April's strong business profile and competitive position within the wholesale broking business in France, its solid profitability and the resilience and predictability of its earnings,” the agency said in a news release.

“Andromeda's rating is constrained by a limited diversification outside the French market and a weak financial profile with an expected debt/EBITDA of between 5x and 6x.”

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