France-based Infopro Digital Group B.V., the holding company of Infopro Digital S.A.S., has refinanced its €440 million term loan B and €30 million drawn revolving credit facility (RCF) with €500 million of new senior secured term notes. The transaction follows the group's acquisition of Insight in April 2017, which was mainly funded by an €80 million increase of its term loan B to €440 million and a €55 million equity increase from shareholders. We are assigning our 'B' ratings to Infopro Digital and its senior secured notes, and our 'BB-' rating to the super senior RCF. The stable outlook reflects our view that Infopro Digital will achieve sound EBITDA growth and comfortable free operating cash flow generation, supported by organic