Moody's gives Intelligrated loan B1

Moody's Investors Service said it assigned a B1 rating to Intelligrated Inc.'s $40 million term loan add-on and affirmed the B1 rating on the first-lien senior secured instruments consisting of the $35 million revolver and $215 million term loan.

The corporate family rating and probability of default rating were affirmed at B2 and B2-PD, respectively. The company's second-lien term loan was affirmed at Caa1 and the outlook remains stable.

Moody's said the $40 million first-lien term loan add-on increases the size of the company's first-lien term loan to $255 million. The debt is being issued by Intelligrated, Inc. and is guaranteed by Ibiza Holdings Inc. The add-on also benefits from certain material wholly owned domestic subsidiary guarantees.

The $90 million second-lien term loan rating remains at Caa1 even though there is an additional $40 million of first-lien debt senior to it in the event of default.

© 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.