Moody’s rates Cegid loan B2

Moody’s Investors Service said it assigned Cegid’s (Claudius Finance Parent Sarl) planned €700 million senior secured term loan B to be borrowed by Claudius Finance Sarl a B2 rating and affirmed the other B2 ratings on the company and its debt.

The agency concurrently changed the outlook for both companies to stable from positive.

The company expects to use the term loan primarily to fund a dividend to shareholders.

“The stable outlook reflects Moody's expectations that the company's credit metrics will remain commensurate with the B2 CFR triggers over the next 12 to 18 months. The outlook incorporates Moody's assumption that acquisitions in the near term will be funded mostly through FCF or equity and that the company will maintain adequate liquidity,” the agency said in a press release.

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