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Moody’s rates Iceland Bondco notes B2
Moody’s Investors Service said it assigned a B2 rating to the Iceland Bondco plc’s planned £250 million of senior secured notes, a wholly owned subsidiary of Iceland VLNCo Ltd. Iceland VLNCo’s B2 corporate family rating and B2-PD probability of default rating remain unchanged as do the B2 ratings of the senior secured notes issued by Bondco.
Proceeds will be used to refinance Bondco’s £170 million outstanding of senior secured notes due 2024, repay Iceland’s £20 million term facility due to mature in July and bolster Iceland’s liquidity.
“The transaction will lead to a modest increase, of approximately 0.2x, in Iceland’s Moody’s-adjusted gross leverage, measured as Moody’s-adjusted debt to EBITDA. Moody’s nevertheless expects the company’s leverage to be less than 5x when its current fiscal year, fiscal 2021, ends next month,” the agency said in a press release.
The outlook is stable.
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