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Moody’s rates PODS loan B2
Moody's Investors Service said it affirmed PODS LLC's B2 corporate family rating, B3-PD probability of default rating and the B2 rating on its existing $50 million revolving credit facility.
The affirmations follow the company's announcement that it intends to refinance existing debt and to make a $147 million dividend to shareholders.
Concurrently, Moody's assigned a B2 rating to the company's proposed $775 million first-lien term loan.
Ratings on the existing first-lien term loan will be withdrawn upon close of the transaction.
The outlook is stable.
Moody’s said the B2 corporate family rating balances PODS modest scale and relatively high degree of financial leverage against its leadership position in a niche market and growing brand name.
The rating favorably considers PODS’ strong standing within its niche markets which is supported by a large number of portable storage containers (190,000 system-wide containers) and a growing footprint, the agency added.
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