Moody's rates Instant Web loans B1, Caa1

Moody's Investors Service assigned Instant Web, Inc. B2 corporate family and probability-of-default ratings. The agency also assigned a B1 rating (LGD3, 32%) to its first-lien bank credit facility and Caa1 rating (LGD5, 84%) to its second-lien bank credit facility.

The proposed transaction consists of a $25 million first-lien revolving credit facility (undrawn at close), a $230 million first-lien term loan, a $20 million first-lien delayed draw term loan (undrawn at close) and $135 million second-lien term loan.

Proceeds will help repay debt of about $200 million and help fund the purchase of common equity held by Court Square Capital Partners.

The outlook is stable.

The B2 corporate family rating reflects high financial risk, customer concentration, lack of scale, favorable trends in direct mail and the company's track record, Moody's said.

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