Moody’s rates Amedes, loans B2

Moody's Investors Service said it assigned a new B2 corporate family rating and a new B2-PD probability of default rating to Aragon HoldCo GmbH (Amedes), the new top entity of Amedes's restricted group.

Concurrently, Moody's has assigned a B2 instrument rating to the proposed €740 million senior secured term loan B and a B2 instrument rating to the proposed €135 million senior secured revolving credit facility, issued by Aragon BidCo GmbH, a subsidiary of Aragon HoldCo.

The outlook is stable.

The proceeds from the proposed senior secured term loan B along with €775 million equity will be used to finance the acquisition of Amedes by a consortium consisting of Omers Infrastructure, Goldman Sachs Asset Management and AXA IM. It is expected that the management will own a minority stake.

At the same time, Moody's has withdrawn the B2 corporate family rating and B2-PD probability of default rating on Antin Amedes Bidco GmbH, the former parent of Amedes.

The existing B2 rating and stable outlook on senior secured term loan B and revolving credit facility will be withdrawn upon the completion of the transaction.

“Today's rating action balances the re-leveraging effect from the contemplated transaction, which will increase the gross debt by around €300 million with the strengths of Amedes' business profile, the defensive demand drivers, its good market positioning in Germany and Belgium and the resilience of its core business performance despite Covid-19 related disruptions reflected in high profitability ratios and a solid free cash flow generation ability,” the agency said in a news release.

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