Moody's gives Kleopatra facilities B2

Moody's Investors Service said it assigned B2 ratings to Kleopatra Holdings 2 SCA’s new senior secured bank facilities due 2025 and 2026 issued by Kleopatra Finco Sarl, KP Germany Erste GmbH and Klockner Pentaplast of America, Inc.

The B2 ratings are one notch above the corporate family rating as they rank ahead of the senior unsecured debt in the capital structure. The security package includes comprehensive security in the U.S. and U.K., amongst others, and actual guarantor coverage above 70% as of and for the nine months to September, the agency said.

The proceeds will be used to refinance the senior secured term loans and senior secured revolving credit facility of KP and the payment-in-kind notes at Kleopatra Holdings 1 SCA, a parent of Kleopatra Holdings 2, and outside its rated restricted group.

The outlook is stable.

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