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Moody's rates Leonardo loans B1
Moody's Investors Service said it assigned ratings to Leonardo Acquisition Corp. (acquirer of 1-800 Contacts, Inc.), including a B2 corporate family rating and B1 ratings on the proposed $460 million senior secured credit facilities.
The outlook is stable.
Leonardo Acquisition is an acquisition vehicle created for the purpose of consummating the purchase of 1-800 Contacts, Inc. by Thomas H. Lee Partners from WellPoint, Inc. Thomas H. Lee Partners entered into a definitive purchase agreement to acquire 1-800 Contacts, Inc., excluding Glasses.com, on Dec. 23, and is contributing a reasonable level of cash equity to fund the purchase.
Moody's said the B1 rating assigned to the credit facilities reflects their senior position in the capital structure, relative to a $125 million second-lien note (unrated), and the common equity contributed by Thomas H. Lee Partners to fund the purchase.
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