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Moody's rates Miller Heiman B3, loans B2
Moody's Investors Service said it assigned a B3 corporate family rating and B3-PD probability of default rating to Miller Heiman, Inc.
Concurrently, the agency assigned a B2 rating to Miller Heiman's proposed $233 million first-lien term loan and $40 million revolving credit facility.
The outlook is stable.
Secured debt proceeds, along with proceeds from a $50 million subordinated debt issuance, will be used to refinance existing Miller Heiman debt and to acquire corporate training businesses from Informa, plc.
Moody's said the B3 credit rating takes into account what it believes are the formidable integration risks posed by sales-training firm Miller Heiman's acquisition of a much larger, poorly performing target, and the high debt-to-EBITDA levels - about 5.8x, using Moody's standard adjustments - that will be borne by the pro-forma company.
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