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Moody’s: Arthur Merger (CHI) loans B2, Caa2
Moody's Investors Service said it assigned a B3 corporate family rating and B3-PD probability of default rating to Arthur Merger Sub Corp., which will be merged into C.H.I. Overhead Doors, Inc. following the leveraged buyout of CHI by Kohlberg Kravis Roberts & Co., LP from the affiliates of Friedman Fleischer & Lowe, LLC.
In related rating actions, the agency assigned a B2 rating to the company's proposed first-lien credit facilities, consisting of a $40 million revolving credit facility expiring 2020 and a $300 million term loan due 2022, as well as a Caa2 rating to the company's proposed $135 million second-lien term loan due 2023.
The outlook is stable.
Proceeds from the new debt issuance along with a common equity contribution from the affiliates of KKR will be used to finance the acquisition of CHI.
Upon the closing of the transaction, the existing ratings at CHI will be withdrawn.
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