Moody’s adds LD to Pronovias rating

Moody’s Investors Service said it appended the /LD designation to Pronovias’ (CatLuxe Acquisition Sarl) probability of default rating revising it to C-PD/LD from C-PD.

The company's Ca corporate family rating, the ratings of the senior secured revolving credit facility due September 2023 and the senior secured term loans due September 2024 issued by CatLuxe Sarl are unchanged at Ca, as is the negative outlook for both companies, the agency said. The /LD will be removed after three business days, following which all ratings will be withdrawn.

“The appending of the PDR with an /LD designation follows Pronovias' finalization of a recapitalization agreement on April 5, 2023. The debt restructuring terms include a debt-to-equity swap for the first- and second-lien senior secured bank credit facilities, as well as an issuance of a new subordinated PIK instrument,” Moody’s said in a press release.

The agency said it views the transaction as a distressed exchange.

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