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Moody’s rates BCPE loan B3
Moody's Investors Service said it assigned a B3 rating to BCPE Empire Holdings, Inc.'s new $1.5 billion senior secured first-lien term loan.
All other ratings, including BCPE Empire Topco, Inc.'s (Imperial Dade) B3 corporate family rating, B3-PD probability of default rating and the Caa2 rating on the $660 million of senior unsecured notes are unaffected, Moody’s said.
“The proposed transaction will extend the maturities of $1.5 billion first-lien term loans by two and half years to December 2028, which is credit positive. However, the B3 CFR and stable outlook are unchanged at this time because leverage is not meaningfully affected, and cash interest costs are expected to increase by about $8 million annually,” Moody’s said in a press release.
The outlook is stable.
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