Moody's rates Endurance loans B1, B3

Moody's Investors Service said it has assigned a B1 rating to Endurance Business Media, Inc.'s proposed amended and restated first-lien senior secured credit facilities and a B3 rating to its proposed $60 million second-lien term loan.

In addition, Moody's said it has downgraded Endurance's corporate family rating to B2 from B1, reflecting the strain which Moody's expects that the proposed increase in the company's debt burden (to $180 million from current $99 million) will place upon Endurance's financial profile.

More specifically, Moody's assigned a B1 rating to the $20 million first-lien senior secured revolving credit facility and $120 million first-lien senior secured term loan B and assigned a B3 rating to the $60 million second-lien senior secured term loan.

The outlook is stable.

Moody's said the ratings are supported by the established reputation of Endurance's flagship publication, the large number of its publications currently distributed over a wide geographic area, the diversification of its advertiser base and the ability of its franchise network to support relatively high margins.

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