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Moody's: Fogo de Chao loans B1
Moody's Investors Service said it assigned B2 corporate family and probability of default ratings to Brazilian steakhouse restaurant chain Fogo de Chao Churrascaria (Holdings) LLC.
Moody's also assigned B1 ratings to the company's proposed $205 million guaranteed first-lien senior secured credit facilities, consisting of a $25 million revolver and $180 million term loan, and a Caa1 rating on its proposed $70 million guaranteed second-lien term loan.
The outlook is stable.
Moody's said that Thomas H. Lee Partners, LP will use the proceeds from the proposed term loans, along with $176 million of common equity, to fund the acquisition of the company from GP Investments, Ltd.
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