Moody’s rates Neuraxpharm, loans B3

Moody’s Investors Service said it today assigned a B3 corporate family rating and B3-PD probability of default rating to Cerebro Holdco GmbH, the new holding company and reporting entity for Neuraxpharm.

Concurrently, Moody’s gave B3 ratings to the €670 million senior secured term loan B and the €115 million senior secured multi-currency revolving credit facility made available to Cerebro BidCo GmbH.

Permira acquired Neuraxpharm from Apax Partners for an undisclosed amount. Moody’s will withdraw the instrument ratings on the €541 million term loan, the €35 million acquisition and capex facility upon their repayment, and the €60 million RCF upon its cancellation.

Under Apax, Moody’s had rated the company and its facilities B3.

The outlook on both entities is stable.

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