Moody’s rates NXT loan, revolver B1

Moody's Investors Service said it assigned a B1 rating to NXT Capital, Inc.'s $300 million senior secured term loan B and $50 million secured revolving credit facility.

The outlook remains positive.

Moody’s said the B1 ratings reflect the facilities' priority in the company's capital structure, as well as the coverage provided by a pledge of holding company assets including stock in subsidiaries.

The facilities are guaranteed by certain subsidiaries and governed by covenants including a maximum ratio of 4.5 times debt to equity.

Proceeds from the term loan B, which has a six-year tenor, will be used to refinance NXT's existing term loan B that has a maturity of September 2018.

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