Moody's assigns Planet Home loans B1

Moody's Investors Service said it assigned a B1 rating to Planet Home Lending LLC's planned $300 million senior secured GNMA term loan and $175 million GNMA revolving credit facility, both with a five-year tenor. Planet Home also plans to issue an unrated $200 million FNMA/FHLMC revolving credit facility, which will also be due in 2027.

The company plans to draw on both revolving credit facilities over time as needed, and has indicated that the proceeds will be used to redeem its senior secured revolving facility due April 2024, to fund the acquisition of mortgage servicing rights and for general corporate purposes.

“The B1 rating assigned to the planned senior secured GNMA term loan and GNMA revolving credit facility reflects the company's B2 CFR and the senior secured term loan's first lien priority interest in the company's GNMA MSR,” Moody’s said in a press release.

At the same time, Moody's affirmed Planet Home's B2 corporate family rating.

The outlook is stable.

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