Moody's rates Olympus Water loan B2, notes B2, Caa2

Moody's Investors Service said it assigned a B3 corporate family rating and B3-PD probability of default rating to Olympus Water US Holding Corp.

Moody's also assigned B2 ratings to the proposed $1.4 billion first-lien term loan and $1.4 billion senior secured notes, as well as a Caa2 rating to the proposed $1 billion senior unsecured notes.

The proceeds of the debt issuance, together with Platinum Equity Advisors' cash equity of about $2 billion and rolled Sigura equity value of $500 million, will be used to pay for the acquisition of Solenis by Platinum from CD&R and BASF, including related fees and expenses. Platinum will combine Solenis with its existing portfolio company Sigura.

The outlook is stable.

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