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Moody’s rates Cirsa notes B2
Moody's Investors Service said it assigned a B2 instrument rating to the new backed senior secured notes due 2028 and 2029 together amounting to €600 million to be issued by Cirsa Finance International Sarl, a subsidiary of Cirsa Enterprises, SLU.
Concurrently, Moody's said it affirmed Cirsa's B2 corporate family rating, its B2-PD probability of default rating and the B2 instrument ratings on the €615 million of backed senior secured notes due 2027, €425 million of backed senior secured notes due 2027, €375 million of backed senior secured notes due 2028 and €325 million of backed senior secured notes due 2028. The outlook has been changed to positive from stable.
“The affirmation of Cirsa's B2 CFR and the change of outlook to positive reflects the company's stronger-than-expected operating performance and the ongoing positive execution of its strategy, as well as the reduced refinancing risks given the repayment in full of the company's existing senior secured notes due in May 2025. Following the transaction, Cirsa will not have any significant upcoming debt maturity within the senior secured notes restricted group until March 2027.
“Those considerations more than offset the expected modest increase in leverage resulting from the partial repayment of the PIK instrument,” Moody’s said in a press release.
The proceeds will be used to repay the €390 million of senior secured notes due in May 2025 and €42.5 million of the €425 million of backed senior secured notes due in November 2027. The rest will be paid outside the restricted group and will repay €150 million of the outstanding amount of €506 million of paid-in-kind toggle notes due in October 2025.
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