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Moody’s rates RelaDyne loan B2
Moody’s Investors Service said it AIP RD Buyer Corp.’s (RelaDyne Inc.) assigned a B2 rating to the planned $350 million senior secured incremental first-lien term loan B-2.
Moody's also affirmed the B2 corporate family rating, the B2-PD probability of default rating and the B2 rating on the existing senior secured first-lien term loans.
The proceeds, borrowings under the revolver, and rolled equity from the acquired company and an additional equity contribution from American Industrial Partners will be used to fund the acquisition and pay related fees and expenses.
Moody’s warned the B2 rating does not have any flexibility for any more big debt-financed acquisitions at this time.
The outlook remains stable.
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