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Moody’s rates Modulaire debt B2, Caa1
Moody's Investors Service said it affirmed Modulaire Investments BV's B2 corporate family rating.
Concurrently, the agency assigned B2 ratings to the €1.18 billion equivalent, including £250 million backed senior secured debt, local and foreign currency backed senior secured debt issued by BCP V Modular Services Finance II plc, the €350 million backed revolving credit facility and the €1.12 billion backed term loan B for which BCP V Modular Services Holdings IV Ltd. is the borrower, and a Caa1 rating to the €435 million backed senior unsecured debt issued by BCP V Modular Services Finance plc.
The agency said the assignment of the new ratings reflects the proposed new liability structure announced on Sept. 27, under the expected ownership change.
On June 27, Brookfield Business Partners LP signed a definitive agreement to acquire Modulaire Investments 2 Sarl from current shareholders including TDR Capital.
“Furthermore, the assigned ratings reflect the agency's expectations that the volume of debt and their legal terms will be in line with that considered in Moody's analysis and assumes all required regulatory approvals will be obtained in a timely manner resulting in no adverse impact in Modulaire's operations,” the agency said in a news release.
Moody’s also affirmed the existing B2 rating for the €175 million and €685 million 6½% fixed-rate backed senior secured notes, the B2 rating for the €190 million backed senior secured floating-rate notes, and the B2 rating for the $520 million 8% backed senior secured fixed-rate notes, all issued by Modulaire Global Finance plc. The rating for the $305 million 10% backed senior fixed-rate notes issued by Modulaire Global Finance 2 plc was affirmed at Caa1.
The outlook on the issuers remains stable.
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