Moody’s rates Maravai loans B3

Moody’s Investors Service said it assigned B3 ratings to Maravai Intermediate Holdings, LLC’s proposed $600 million first-lien term loan and $150 million revolving credit facility.

Proceeds will be used to repay $361 million of first- and second-lien debt, repurchase $129 million of Cygnus minority interests, fund a $94 million distribution to shareholders and pay fees and expenses. Upon completion, Moody’s said it expects to withdraw the rating of Maravai’s first-lien and second-lien debt instruments that will be retired.

Moody’s also affirmed Maravai’s B3 corporate family rating and B3-PD probability of default rating.

The outlook remains stable.

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