Moody's assigns APOG Bidco, loans B2

Moody's Investors Service said it gave a first-time B2 corporate family rating to APOG Bidco Pty Ltd. The agency also assigned a B2 rating to APOG's planned A$786 million first-lien senior secured term loan B due 2029, proposed A$100 million first-lien senior secured delayed-draw term loan due 2029, and planned A$100 million first-lien senior secured revolver due 2027.

APOG is the new financing entity set up to acquire the Icon Group. The rating assignment follows EQT Infrastructure's pact to acquire the Icon Group for around A$2.3 billion, Moody’s said.

APOG has a strong market presence, benefits from high barriers to entry in cancer care will have a good liquidity profile after the acquisition goes through. However, “The rating is constrained by the group's high debt levels and resultant leverage after the acquisition of the Icon Group by EQT Infrastructure, as well as its relatively small absolute scale, albeit the latter is, in part, mitigated by its strong market positions,” Moody’s said in a press release.

The outlook is stable.

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