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Moody's assigns B2 to Club Car loan
Moody's Investors Service said it assigned a B2 rating to MajorDrive Holdings IV, LLC's new $100 million incremental senior secured term loan. MajorDrive is the parent company of Club Car, LLC.
There is no change to the existing first-lien term loan’s B2 rating. “The increased term loan commitments do not impact Club Car's other ratings, including the existing B3 corporate family rating (CFR) and the Caa2 rating on the company's senior unsecured notes,” Moody’s said in a press release.
Club Car will use the proceeds to fund the planned acquisition of Garia A/S, and to supplement the company's cash balances.
The outlook is stable.
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