Moody’s rates Olympus notes, loan B3

Moody’s Investors Service said it lowered Olympus Water US Holding Corp.’s senior secured notes to B3 from B2 and assigned B3 ratings to the company’s planned $2.125 billion of senior secured notes and $750 million senior secured first-lien term loan.

The proceeds of the notes and term loan, together with rolled Bain Capital's equity contribution, will be used to pay for the acquisition of Diversey by Olympus Water, including related fees and expenses.

The agency also affirmed Olympus Water’s B3 corporate family, B3-PD probability of default ratings and the Caa2 rating on the senior unsecured notes.

The outlook is stable.

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