| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers H > Headlines for HNVR Holdco Ltd. > News item |
Moody's upgrades HBX Group
Moody's Ratings said it upgraded HBX Group's (HNVR Midco Ltd.) long-term corporate family rating to B2 from B3 and the probability of default rating to B2-PD from B3-PD. Concurrently, the agency raised the ratings of the backed senior secured revolving credit facility and backed senior secured term loans issued by HNVR Holdco Ltd., a subsidiary of HBX Group, to B2 from B3. The outlook was changed to stable from positive.
Additionally, HBX Group is considering repricing its guaranteed senior secured term loan B2 due September 2028 and term loan D due September 2027. As part of the contemplated transaction, it will repay the stub of €148 million of guaranteed senior secured term loan B1 due September 2025 by boosting the term loan D by €148 million. The company will use €240 million of balance sheet cash to fund a shareholder distribution.
In fiscal year 2023 HBX Group boosted its total transaction value 37% to €8.1 billion, with room nights volumes topping 2019 levels. HBX Group's company-adjusted EBITDA grew to €354 million from €160 million in fiscal year 2022.
“The first quarter of fiscal year 2024 (ended in December 2023) has continued to show strong momentum, with the last 12 months company-adjusted EBITDA at €369 million. As a result of the strong performance, credit metrics improved to levels in line with the B2 rating expectations, with Moody's-adjusted leverage and free cash flow (FCF) to debt (before working capital inflows) standing at 5.2x and 7.8%, respectively, as of the end of fiscal year 2023,” the agency said in a press release.
Moody’s said it expects HBX Group’s credit metrics to remain in line with the higher rating for the next 12 to 18 months.
© 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.