Moody’s rates Saratoga loan B2

Moody’s Investors Service said it rated the $320 million term loan borrowed by Saratoga Food Specialties LLC., a wholly owned subsidiary of Solina Group Holding, B2.

The proceeds from the added tranche under the outstanding term loan, together with an equity contribution from Solina's owner Astorg Partners will be used for the acquisition of Saratoga and to repay drawings under the company's €141.5 million revolving credit facility, borrowed by Solina Group Services.

The acquisition, which is expected to close at the end of October 2022, amounts to a total price of €591 million, which will be funded with €282 million of debt and €306 million of new equity.

The outlook is stable.

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