Moody's rates Airborne Acquisition loans B2

Moody's Investors Service said it assigned B2 corporate family and probability of default ratings to Airborne Acquisition, Inc.

Concurrently, Moody's assigned a B2 rating to the company's proposed $155 million of senior secured bank credit facilities.

The outlook is stable.

Proceeds from the proposed transaction are expected to be used to fund a $49 million dividend to shareholders, refinance all of the company's existing bank debt and pay related transaction fees and expenses.

Moody's said the B2 rating assigned to the proposed senior secured facilities reflects the preponderance of the proposed debt relative to the company's total debt capitalization.

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