Moody's assigns B2 to Trinity, loans

Moody's Investors Service said it assigned first-time ratings to LSF11 Trinity Bidco, Inc., including a B2 corporate family rating, a B2-PD probability of default rating and a B2 rating to the company's planned senior secured first-lien credit facilities, comprising a $125 million revolving credit facility and a $675 million term loan.

The outlook is stable.

Trinity, established by private equity firm Lone Star Funds, will use the term loan and new equity to buy Titan Acquisition Holdings, LP, the parent of MHI Holdings, LLC, rated B2 stable.

"The assignment of the B2 CFR reflects our expectation for high financial leverage, adequate liquidity, and aggressive financial policies over the next 12-18 months, mitigated in part by the business' good revenue visibility and high barriers to entry," commented Safat Hannana, a Moody's assistant vice president and analyst, in a press release.

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