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Moody’s rates A-L Parent B2; loans B1, Caa1
Moody's Investors Service said it assigned A-L Parent LLC, the holding company of Learfield Communications, Inc., a B2 corporate family rating and a B1 rating to the proposed $540 million first-lien credit facility, including a new $65 million revolver and $475 million first-lien term loan.
The $100 million second-lien term loan was assigned a Caa1 rating.
The outlook is stable.
Proceeds from the debt offering as well as new equity from Atairos Group, Inc. will be used to fund the acquisition of the company, repay existing debt and transaction expenses. All the existing ratings at Learfield will be withdrawn upon repayment of the outstanding first-lien credit facility.
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