Moody's gives CTI loans B2, Caa1

Moody's Investors Service said it assigned CTI Foods Holding Co., LLC a B2 corporate family rating and a B2-PD probability of default rating following the company's LBO.

At the same time, Moody's assigned a B2 rating to CTI's proposed first-lien term loan and a Caa1 to its proposed second-lien term loan.

The outlook is stable.

Moody's said the B2 rating on the $345 million first-lien term loan due 2020 benefits from its senior position in CTI's capital structure relative to the second-lien term loan and its junior position relative to the company's unrated $100 million ABL.

The Caa1 rating on the second-lien term loan reflects its junior status relative to the first-lien term loan and ABL.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.