Moody's assigns Prosol, loans B2

Moody's Investors Service said it assigned a B2 corporate family rating to ZF Invest (Prosol) and a B2-PD probability of default rating. The agency also gave B2 ratings to the €1.382 million senior secured term loan B due 2028 and to the €250 million senior secured revolving credit facility due 2027 to be raised by Prosol.

The B2 corporate family rating reflects its presence in the fresh food market, its swift earnings growth, its high profitability, with Moody's-adjusted EBITDA margins expected at around 10% in the next 12-18 months, and its ability to source high-quality products from farmers, Moody’s explained.

The term loan proceeds and €138 million in cash will be used to repay the €759 million term loan and to repay about €695 million of convertible bonds and €46 million in preference shares held by Ardian and its co-investors, as well as pay transaction fees. Following the transaction Ardian remains the majority shareholder of Prosol.

The outlook is stable.

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