Moody's rates Ikaria loans B1, Caa1

Moody's Investors Service said it assigned a B2 corporate family rating and a B2-PD probability of default rating to Ikaria, Inc.

Concurrently, the agency rated Ikaria's proposed first-lien senior secured credit facilities at B1 and second-lien senior secured term loan at Caa1.

The outlook is stable.

Proceeds from the proposed debt issuance of roughly $1,245,000,000, combined with $224 million of new cash equity contribution and $188 million of rollover equity from existing shareholders and management, will be used to fund the acquisition of Ikaria by Madison Dearborn Partners, LLC, to repay existing debt at Ikaria's subsidiary (Ikaria Acquisition Inc.) and to pay fees and expenses.

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