Moody’s rates Team loans B2, Caa2

Moody’s Investors Service said it gave Team Services Group’s planned senior secured first-lien revolving credit facility and term loan B2 ratings and a Caa2 rating to the proposed senior secured second-lien term loan. Team is a co-borrower of the credit facilities with Team Public Choices, LLC and Team RMS, LLC.

Proceeds will be used with $326 million of new sponsor equity and $75 million of rollover management equity to fund Alpine Investors’ acquisition of Team through a continuation vehicle and to pay fees and expenses. Alpine is buying Team at a 13.2x PF adjusted EBITDA multiple, Moody’s said.

Moody’s also assigned Team Services a B3 corporate family rating and a B3-PD probability of default rating. “The B3 CFR reflects Team’s high pro forma adjusted leverage of 6.8 times and Moody’s expectation that leverage will remain above six times for the next 12-18 months,” the agency said in a press release.

The outlook is stable.

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