Moody's cuts Greeneden debt, rates loans B2

Moody's Investors Service said it assigned a B2 rating to Greeneden U.S. Holdings II, LLC's (Genesys) tranche of new senior secured term loans due November, 2020, downgraded the senior secured debt to B2, and affirmed the B2 corporate family rating and the B2-PD probability of default ratings.

Proceeds from the new term loans will be used to fund the acquisition of Echopass Corp., with the delayed drawdown portion expected to fund the call of the 12½% senior notes due 2020.

The outlook is stable.

"Following the vigorous pace of acquisitions in 2013, Moody's expects Genesys will now focus on integrating these acquisitions and reducing debt in the near term," Moody's senior analyst Terry Dennehy said in a news release.

© 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.