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Moody’s rates Instant Brands loan Ba3
Moody's Investors Service said it rated Instant Brands Holdings Inc.’s planned $450 million first-lien term loan Ba3.
“The Ba3 rating on the company's existing first-lien term loan due 2024 is unchanged and will be withdrawn concurrent with the anticipated repayment of this debt obligation,” Moody’s said in a press release.
The proceeds will be used to refinance about $294 million of debt, including a $100 million seller note issued in conjunction with the March 2019 acquisition of Instant Brands, and to fund a $245 million dividend distribution to shareholders.
Moody’s also affirmed Instand Brands’ Ba3 corporate family rating and Ba3-PD probability of default rating.
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