Moody’s rates Stonegate facilities Ba3, notes B3, facility Caa2

Moody’s Investors Service said it assigned Stonegate Pub Co. Bidco Ltd.’s £250 million super senior revolving credit facilities a Ba3 rating. The agency said it assigned a B3 rating to the senior secured notes totaling £1.9 billion in the name of the company’s subsidiary, Stonegate Pub Co. Financing 2019 plc (Finco) and a Caa2 rating to Bidco’s £400 million second-lien facility.

Moody’s changed Stonegate Pub Co. Ltd.’s outlook to stable from developing and assigned stable outlooks to Bidco and Finco.

“Today’s rating action follows the launch of publicly listed senior secured notes totaling £1.4 billion, which will refinance the remaining bridge facilities used by Bidco to fund Stonegate’s acquisition of Ei Group plc (EiG), which completed on March 3, 2020,” Moody’s said in a press release.

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