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Moody’s cuts Blackhawk loans
Moody’s Investors Service said it downgraded Blackhawk Network Holdings, Inc.'s new $1.9 billion senior secured first-lien term loan due 2029 and $400 million senior secured first-lien revolving credit facility due 2029 to B2 from B1.
Blackhawk will use the term loan to repay in full the company's existing term loans and, together with cash, fund a portion of an about $300 million acquisition.
“The downgrade of the senior secured first-lien ratings to B2 from B1 is due to the planned full repayment of the senior secured second-lien term loan that results in the loss of the first loss support the second-lien debt provided to the first-lien creditors in a default scenario,” Moody’s said in a statement.
Concurrently, the agency said it affirmed Blackhawk’s B2 corporate family and B2-PD probability of default ratings. The outlook remains stable.
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