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17 Dec 2010
EUR350 million of rated debt securities affected
Frankfurt am Main, December 17, 2010 -- Moody's Investors Service has assigned a definitive B2 rating to
the EUR350 million 8.375% senior secured notes due 2017
issued by R&R Ice Cream plc. The Notes are guaranteed on a
senior secured basis by the issuer's main operating subsidiaries
and benefit from a first-lien pledge over the clear majority of
Moody's definitive rating on this debt obligation confirms the provisional
rating assigned on 25 October 2010. Moody's rating rationale
was set out in a press release issued on this date.
The note proceeds have been used to repay approximately EUR150 million
indebtedness under existing bank facilities which have been cancelled
subsequently. In addition, proceeds were applied to refinance
a EUR60 million bridge facility put in place to fund the recent Rolland
acquisition as well as to repay certain obligations owed to shareholder
Oaktree amounting to EUR48 million. The remainder was used to cover
transaction related fees and expenses and to bolster the group's
The principal methodologies used in this rating were Global Packaged Goods
Industry published in July 2009, and Loss Given Default for Speculative-Grade
Non-Financial Companies in the U.S., Canada
and EMEA published in June 2009.
R&R Ice Cream Limited ("R&R"), headquartered in Northallerton
(UK), is the largest pure-play ice cream manufacturer in
Europe and produces ice cream mainly for take-home consumption
with a smaller presence in the impulse purchases market. The product
portfolio includes both private label production, representing the
clear majority of volumes and sales value, and, to a lesser
extent, branded ice cream such as Kelly's and Landliebe as well
as products sold under the Nestlé brand in the UK (under licensing
agreement). In the twelve months ending June 2010, R&R
(excluding Rolland) generated sales of EUR 405 million, which increases
to EUR 508 million pro forma for the Rolland acquisition.
Information sources used to prepare the credit rating are the following:
parties involved in the ratings, public information, and confidential
and proprietary Moody's Investors Service information.
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Please see ratings tab on the issuer/entity page on Moodys.com
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Please see the ratings disclosure page on our website www.moodys.com
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Frankfurt am Main
Corporate Finance Group
Moody's Deutschland GmbH
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Eric de Bodard
MD - Corporate Finance
Corporate Finance Group
Moody's France SAS
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Moody's Deutschland GmbH
Moody's assigns definitive B2 rating to R&R's recent EUR350mn secured notes issuance
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