Moody's rates Novae loans B3

Moody's Investors Service said it assigned first-time ratings to Novae LLC, including a B3 corporate family rating and a B3-PD probability of default rating.

In addition, Moody's assigned a B3 rating to Novae's proposed first-lien credit facilities, comprised of a $50 million revolver, a $350 million senior secured first-lien term loan and a $100 million delayed-draw term loan.

The outlook is stable.

Proceeds from the $350 million senior secured term loan will be used to finance the acquisition of the company by Brightstar Capital Partners, pre-fund an acquisition and place about $15 million of cash on the balance sheet.

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