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Moody's rates Club Car loan B2, notes Caa2
Moody's Investors Service said it assigned ratings to MajorDrive Holdings IV, LLC, parent company of Club Car, LLC.
These include a B3 corporate family rating and a B3-PD probability of default rating. Moody's also assigned a B2 to the proposed $775 million first-lien term loan and a Caa2 rating to $450 million of senior unsecured notes.
The outlook is stable.
Proceeds from the term loan and notes, along with $500 million in new equity, will be used to fund the acquisition of the company by financial sponsor Platinum Equity Advisors, LLC, from the company's current parent, Ingersoll Rand, Inc.
“Club Car will have high financial leverage as a consequence of this financing, which reflects high corporate governance risk,” Moody’s said in a news release.
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