Moody’s gives Magnite loans Ba3

Moody's Investors Service said it assigned Ba3 ratings to Magnite, Inc.'s new bank credit facilities comprising an upsized $175 million senior secured revolving credit facility due 2029 and a $365 million senior secured term loan B due 2031. Magnite's B2 corporate family rating and stable outlook remain unchanged.

Magnite will use the new loans to fully refinance its outstanding credit facilities, also rated Ba3, consisting of the $65 million revolver due 2025 and senior secured term loan B due 2028, which had $351 million outstanding as of December.

“Moody's views Magnite's proposed refinancing as credit neutral since pro forma financial leverage remains unchanged at roughly 5.4x total debt to EBITDA (Moody's adjusted). However, the maturity extension of the credit facilities combined with upsizing of the RCF enhances financial flexibility during a period of macroeconomic uncertainty,” the agency said in a statement.

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