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Moody's assigns B2 to Madison IAQ
Moody's Investors Service said it assigned first time ratings to Madison IAQ LLC, including a B2 corporate family rating and a B2-PD probability of default rating.
Concurrently, Moody's gave a B1 rating to the company's planned $200 million revolving credit facility, $1.9 billion of first-lien term loan and $600 million of senior secured notes and a Caa1 rating to the $885 million of senior unsecured notes.
Proceeds and an equity contribution will be used to fund the acquisition of Nortek Air business, a carved-out operation from Melrose Industries plc.
"Leverage at the transaction's close is very high, but the combination with Nortek Air provides significant scale and market reach with good profitability and cash flow prospects," said Shirley Singh, Moody's lead analyst for the company, in a press release. The company’s adjusted debt to EBITDA (leverage) will be in excess of 8x pro forma as of December 2020.
The outlook is stable.
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