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Prospect News home > News index > List of issuers K > Headlines for KIK Custom Products Inc. > News item |
Moody's gives KIK B2, loans Ba3, Caa1
Moody's Investors Service said it assigned KIK Custom Products Inc. a B2 corporate family rating.
Moody's said it also assigned a Ba3 rating to KIK's proposed first-lien senior secured credit facilities and a Caa1 rating to its second-lien term loan, adding that proceeds from the credit facilities combined with $160 million of preferred and common equity will be used to fund Caxton-Iseman Capital, Inc.'s proposed acquisition of the company for $725 million, which includes the redemption of investors' interests in KCP Income Fund.
The outlook is stable.
According to the agency, the B2 rating is primarily driven by KIK's high leverage, thin interest coverage and modest cash flows relative to debt.
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