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Moody’s rates Vue loans B3, Caa2
Moody’s Investors Service said it rated Vue Entertainment International Ltd.’s €63.7 million senior secured term loan a B3 rating and its €127.4 million 1.5 lien senior secured term loan Caa2.
Concurrently, the agency downgraded to B3 from B2 the €94.8 million super senior secured term loan, and to Caa3 from Caa2 the €648.6 million, to be reinstated to €229.1 million, senior secured term loan and €14 million senior secured bank credit facility. Moody’s also affirmed Vue’s Caa2 corporate family rating.
Moody's also affirmed the Caa2-PD probability of default rating and appended the limited default designation to the PDR changing it to Caa2-PD/LD from Caa2-PD. The /LD designation follows the company's Feb. 23 announcement of the completion of its balance sheet restructuring.
The proceeds from the new money facility will be used to ease immediate liquidity concerns. The €127.4 million senior secured term loan facility matures in 2027.
The outlook remains negative.
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