Moody's assigns SK Invictus notes B2

Moody's Investors Service said it assigned a B2 rating to SK Invictus Intermediate II Sarl's (Perimeter Solutions) upcoming $600 million senior secured notes issue. Moody's also affirmed the B2 corporate family rating and B2-PD probability of default rating. The outlook is revised to positive from stable.

The B1 ratings on the senior secured first-lien revolving credit facility, the first-lien term loan and the Caa1 rating on the senior secured second-lien term loan will be withdrawn upon repayment.

The note rating is in line with the B2 CFR, reflecting a first-lien position on substantially all assets with no loss absorption from junior debt in the capital structure, the agency said.

"The positive outlook reflects the company's improved leverage following the sale to EverArc and expectations for more conservative financial policies as a public company," said Domenick R. Fumai, a Moody's vice president and lead analyst for SK Invictus Intermediate II, in a press release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.