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B2 credit rating for IRONMAN kept on hold by Moody’s

IRONMAN Florida

A B2 credit rating by Moody’s Investors Service (Moody’s), on the credit facility held by World Triathlon Corp (WTC), has been kept on hold. Now under the umbrella of China’s Wanda Sports Holdings, WTC is the entity that owns and operates IRONMAN.

According to Moody’s, a decision by IRONMAN not to pursue refinancing will not change its existing B2 rating. Fuller details are available from Moody’s online.

As clarified by the Nasdaq exchange, Moody’s ratings of longer-term corporate debt are classed from B to B3.

Back in 2014, when WTC was owned by private equity firm Providence Equity Partners, the business took out a US$220 million term loan due for repayment in 2021 and a US$20 million ‘revolver’ (revolving credit facility, used as required) due for repayment in 2019.

In 2018, WTC’s credit facility stood a US$250m seven-year loan and a US$21m ‘revolver’ over five years. In July, Moody’s gave WTC a B2 rating on the debt.

Earlier this year, Reuters reported that three banks were working on a proposed initial public offering (IPO) for the sports businesses owned by Dalian Wanda Group. (IRONMAN was acquired by Wanda Group in 2015 for US$650 million, in a deal that closed in November 2015.)

Since January, however, there have been no further reports about an IPO. IRONMAN has maintained its expansion momentum with a number of new events, as well as key sponsorships for its existing properties:

Over the past few years, World Triathlon Corp/IRONMAN has been notably acquisitive:

www.wanda-group.com
www.ironman.com

 

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