Cognita Financing Plc -- Moody's assigns first time B2 CFR to Cognita Bondco Parent Limited, stable outlook

London, 28 July 2015 -- Moody's Investors Service, ("Moody's") today assigned a corporate family rating (CFR) of B2 and B2-PD probability of default rating to Cognita Bondco Parent Limited (Cognita or the company). Concurrently, Moody's assigned a (P)B2 rating to the proposed GBP280 million senior secured notes due in 2021 to be issued by Cognita Financing plc. In addition, the capitalisation structure will consist of a new GBP60 million super senior revolving credit facility (RCF), due six months prior to the maturity date of the notes, undrawn at closing. The proceeds of the transaction will be used to partially repay Cognita's existing debt facilities. Cash overfunding is expected to result in a closing cash balance of approximately GBP80 million pro forma for the bond issuance. The outlook on all ratings is stable.

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