Moody’s rates NMSC CFR B2, loans B1

Moody's Investors Service said it assigned a B2 corporate family rating and B2-PD probability of default rating to NMSC Holdings, Inc., the indirect parent of NAPA Management Services Corp. (NAPA).

At the same time, the agency assigned a B1 rating to NMSC's proposed $360 million senior secured credit facilities, comprised of a $40 million first-lien revolver and $320 million first lien term loan.

The outlook is stable.

Proceeds from the first-lien loan together with $160 million of second-lien term loans (not rated) and $411 million of equity contributions will be used to fund the acquisition of NAPA Management Services Corp. by financial sponsor American Securities LLC and fund two acquisitions.

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