Moody's trims Seventy Seven loan to Caa2

Moody's Investors Service said it downgraded Seventy Seven Operating LLC's senior secured incremental term loan rating to Caa2 from Caa1 following clarification that the incremental term loan has a second-lien position in the company’s fixed assets.

This distinction ranks the incremental term loan behind the senior secured term loan, which is secured by a first lien on fixed assets as well as a second lien on the company's ABL collateral, in liquidation preference, the agency said.

At the same time, Seventy Seven’s senior secured term loan rating was affirmed at Caa1. All other ratings are unchanged. The outlook remains stable.

© 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.