Infopro Digital Group B.V., the holding company of Infopro Digital S.A.S, plans to refinance its €440 million term loan B and €30 million drawn RCF with €500 million of new senior secured term notes. The transaction follows the group's acquisition of Insight in April 2017, mainly funded by a €80 million increase of term loan B to €440 million and a €55 million equity increase from shareholders. We are assigning our preliminary 'B' ratings to Infopro Digital and its proposed senior secured notes, as well as our preliminary 'B' rating to the proposed 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