Moody’s ups Vantiv PDR, rates loans Ba2

Moody's Investors Service said it affirmed Vantiv, LLC's corporate family rating and senior secured credit facilities ratings at Ba2 and upgraded the probability of default rating to Ba2-PD from Ba3-PD.

In addition, the agency assigned a Ba2 rating to the incremental senior secured term loans.

The outlook is stable.

Net proceeds from the proposed secured term loans will be used to help fund Vantiv's proposed acquisition of Worldpay Group plc for about $12 billion in enterprise value. Post-acquisition, the credit facilities will be secured on a first-lien basis by substantially all tangible and intangible assets of Vantiv's domestic subsidiaries.

Vantiv also plans to issue senior unsecured notes totaling $1.13 billion later this year.

Upon closing, which is expected to occur in the first quarter of 2018, Moody's said it expects that Worldpay's senior unsecured notes due 2022 will likely be affirmed at Ba2, given its priority position in the capital structure relative to the Worldpay assets.

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