Moody's gives B2 to Kiloutou notes

Moody's Investors Service said it assigned a B2 instrument rating to Kapla Holding SAS' (Kiloutou) planned €150 million of backed senior secured floating-rate notes due 2027. The outlook was changed to positive from stable.

Moody's also affirmed Kiloutou's B2 corporate family rating, B2-PD probability of default rating and B2 instrument ratings on the backed senior secured notes due 2026.

“The affirmation of the B2 CFR and the change of outlook to positive reflects the significant improvement in Kiloutou's performance in 2021 and 2022 resulting in a decrease in Moody's adjusted gross leverage to 4.2x as of LTM September 2022 from 5.6x during the Covid-19 pandemic in FY2020 and the company's adequate liquidity,” the agency said in a statement.

Kiloutou will use the proceeds to repay the €150 million bridge loan borrowed to fund the acquisition of GSV.

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