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Moody's rates Doncasters loans B2, Caa2
Moody's Investors Service said it assigned a provisional B3 corporate family rating to Doncasters Group Ltd.
Concurrently, Moody's assigned a provisional B2 rating to the new $835 million first-lien term loan and a provisional Caa2 rating to the new $325 million second-lien term loan, both co-borrowed at Doncasters Finance US LLC and Doncasters Finance US Borrower LLC.
The outlook is stable.
Doncasters will use the proceeds of the issuance to refinance its existing deft.
Moody's said the provisional Caa2 rating assigned to the $325 million second-lien term loan reflects its priority within Doncasters' capital structure, ranking behind the company's substantial first-lien debt, including its $835 million first-lien term loan - rated provisional B2 to reflect the cushion of the second-lien debt - and its £100 million asset-backed revolving credit facility.
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