Moody’s rates NAI loans B1, ups PDR

Moody’s Investors Service said it assigned a B1 (LGD3) rating to NAI Entertainment Holdings LLC's $300 million proposed senior secured term loan B due 2025.

Proceeds will be used to refinance NAI's existing $300 million senior secured notes due 2018 and pay transaction related fees and expenses.

In connection with the financing, the agency assigned a B1 (LGD3) to the company's $75 million revolving credit facility which will be amended and extended to 2023.

Moody's affirmed NAI's B1 corporate family rating and upgraded the probability of default rating to B1-PD.

The outlook is stable.

The agency said the corporate family rating is challenged with the company’s very small scale, generating less than $500 million over the next year, and weak credit metrics similar to lower rated peers.

© 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.