Moody's rates Instant Brands DIP B1

Moody's Investors Service said it assigned a B1 rating to the $162.5 million senior secured super-priority debtor-in-possession term loan financing facility of Instant Brands Holdings Inc. The DIP financing also includes an unrated $125 million super-priority DIP asset-based lending revolving facility.

“The rating on the DIP term loan primarily reflects the collateral coverage available to lenders and the structural features of the DIP term loan. The rating on the DIP senior secured term loan is being assigned on a ‘point-in-time’ basis and will not be monitored going forward and, therefore, no outlook is assigned to the rating. Moody's intends to withdraw the DIP term loan rating as soon as practicable,” the agency said in a press release.

Instant Brands and various of its subsidiaries filed for Chapter 11 bankruptcy protection on June 12. Moody's withdrew all ratings on Instant Brands after the Chapter 11 bankruptcy filing.

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