Moody's gives Dutch loans B2, Ba2

Moody's Investors Service said it assigned a B2 corporate family rating and B2-PD probability of default rating to Dutch LLC.

The agency also assigned a B2 rating to the company's proposed $200 million senior secured term loan and a Ba2 rating to the proposed $20 million super priority senior secured revolving credit facility.

The outlook is stable.

Proceeds from the term loan and modest revolver borrowings will be used to refinance the company's existing term loan and mezzanine debt, and pay associated fees and expenses.

The company will have leverage in the low-4 times range and EBITA/interest expense of high-3 times (Moody's-adjusted) on a pro-forma basis as of January 4, 2014. The transaction is expected to reduce annual interest payments by about $4 million.

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