U.S. Markets closed

Tennessee Acquisition B.V. -- Moody's assigns first time B2 ratings to Royal Ten Cate, stable outlook

Moody's Investors Service (Moody's) has today assigned a B2 corporate family rating (CFR) and a B2-PD probability of default rating (PDR) to Royal Ten Cate ('RTC' or the company). Concurrently, Moody's assigned B2 instrument ratings to the company's senior secured term loan B1, senior secured term loan B2 and the senior secured revolving credit facilities borrowed by Tennessee Acquisition B.V., the parent company of RTC group. Today's rating action incorporates the amendment of the existing senior secured facilities resulting in an increase of the TL B1 by up to EUR 130 million to around EUR equivalent 543 million outstanding and Moody's expectation that up to EUR 90 million of the proceeds from the EUR 130 million tap on the TL B1 will be distributed to RTC's shareholders.