Moody’s ups WebPros, rates loans B1

Moody's Ratings said it upgraded WebPros Investments Sarl's corporate family rating to B1 from B2 and the probability of default rating to B1-PD from B2-PD. Concurrently, the agency assigned B1 ratings to the WebPros new $515 million backed senior secured first-lien term loan due 2031 and the $60 million backed senior secured first-lien revolving credit facility due 2029. Moody’s changed the outlook to stable from positive.

“The upgrade of the CFR to B1 reflects the company's solid operating performance over the past couple of years and a continuation of a prudent financial policy demonstrated by the largely leverage-neutral nature of the refinancing transaction, with pro forma Moody's-adjusted leverage of 3.8x compared to 3.7x as of December 2023. Moreover, the refinancing will result in improvements to interest coverage, free cash flow, and the company's liquidity profile,” the agency said in a press release.

The proceeds will be used to repay in full the credit facilities, including the $489 million outstanding senior secured first lien term loan B due in February 2027 and the $60 million senior secured first-lien revolver, currently drawn by $14.5 million.

The revised outlook reflects expectations that WebPros' revenue and EBITDA will continue growing over the next 12-18 months such that Moody's-adjusted debt/EBITDA will decline below 3.5x and Moody's-adjusted FCF/debt will top 15%, Moody’s said.

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