Moody’s gives SnapAV CFR, facilities B2

Moody's Investors Service said it assigned Wirepath LLC (SnapAV) a B2 corporate family rating, a B2-PD probability of default rating and B2 instrument ratings on the new $265 million first-lien term loan and $50 million first-lien revolving credit facilities.

Proceeds from the new term loan, along with a $5 million draw under the revolver and new and rolled over equity from private equity sponsor Hellman & Friedman and existing owners, will be used to effect Hellman & Friedman’s purchase of SnapAV.

The outlook is stable.

Moody’s said the B2 corporate family rating reflects the company's small but solidly profitable and rapidly growing revenue base, good liquidity, and high Moody's-adjusted opening leverage in the high-5 times, which the agency expects will moderate to below 5 times by year-end 2017.

SnapAV, just over 10 years old, pioneered a business model that offers its ten thousand AV-systems-integrator customers exclusive online access to and rapid delivery of a 2,730-SKU portfolio of integrated, unified home electronics ecosystems, the agency added.

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