Rating agency Moody’s has given PAI Partners and Goldman Sachs-backed building materials company Xella’s €533 million refinancing a negative outlook, as they prepare for an exit.

Xella, which was acquired by PAI Partners and Goldman Sachs for €2 billion in 2008, launched the refinancing earlier this month, arranged by lead global coordinators and bookrunners BNP Paribas and Unicredit. The debt package will refinance the company's €200 million PIK toggle notes which mature in 2018.