Moody's: Igloo loans Ba3, B3

Moody's Investors Service said it assigned a B1 corporate family rating and probability of default rating to Igloo Merger Sub, LLC, a new entity formed by affiliates of Ares Corporate Opportunities Fund III, LP that will merge into IG Investments Holdings, LLC at transaction closing.

Moody's also assigned Ba3 ratings to Igloo Merger's proposed first-lien senior secured credit facility, consisting of a $60 million revolving credit facility due 2017 and a $300 million term loan due 2019.

The agency also assigned a B3 rating to the proposed $130 million second-lien senior secured term loan due 2020.

The outlook is stable.

Proceeds from the proposed bank debt combined with new and rolled equity will be used to fund the acquisition of Insight Global, including the repayment of existing debt.

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