Moody’s gives Awaze loans B3

Moody's Investors Service said it assigned B3 ratings to Awaze Ltd.’s new backed senior secured first-lien term loan B3 and backed senior secured multicurrency revolving credit facility.

Concurrently, Moody's affirmed the B3 corporate family rating and the B3-PD probability of default rating of Compass III Ltd. (Awaze), and the B3 ratings of the existing backed senior secured bank credit facilities borrowed by Awaze. The agency changed its outlook to positive from stable.

Awaze plans to inject €190 million of equity that was part of the Landal sale proceeds and that currently sits outside the restricted group with proceeds used to cut the company's backed senior secured first-lien term loan to €350 million from €444 million, fund around €80 million of on balance sheet cash and pay fees and other expenses; extend by three years the maturity of its backed senior secured first-lien term loan to May 2028 from May 2025 and reduce the undrawn revolver commitment to €75 million from €105 million and extend its maturity by more than 3.5 years to February 2028 from May 2024.

“The positive outlook assumes the company successfully extends the maturity of its debt as planned and injects the planned equity into the business,” Moody’s said in a press release.

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