Moody’s assigns Genesys loans B3

Moody's Investors Service said it assigned Greeneden U.S. Holdings II, LLC's (Genesys) a B3 rating to its planned first-lien credit facility, comprised of a $250 million revolver, a $2.825 billion dollar-denominated term loan, and a $525 million euro-denominated term loan.

The agency also affirmed Genesys’ B3 corporate family rating and B3-PD probability of default rating.

The rating action was driven by Genesys' plans to refinance the company's debt and partially fund a distribution to a holding company, increasing debt leverage of more than 1x, Moody’s said.

Upon completion of this transaction, Moody's expects Genesys' outstanding debt to be repaid and ratings on these instruments will be withdrawn.

The outlook is stable.

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