Moody’s cuts MIC loans, rates loan B3

Moody's Investors Service said it downgraded MIC Glen LLC's senior secured first-lien revolving credit facility and term loan ratings to B3 from B2 and assigned a B3 rating to the company's planned $115 million incremental senior secured first-lien term loan.

The agency also affirmed MIC Glen's B3 corporate family rating, B3-PD probability of default rating and Caa2 second-lien term loan rating.

“The downgrade of the senior secured first-lien revolver and term loans to B3 from B2 and the assignment of the B3 rating to the incremental term loan is the result of total first-lien debt representing the substantial majority MIC Glen's pro forma liability structure after the repayment of the second-lien debt resulting in the credit risk of first-lien lenders not being materially different than that of the CFR,” Moody’s said in a press release.

MIC Glen will use the new loan to repay the company's $105 million senior secured second-lien term loan and repay revolver borrowings and fees and expenses. MIC Glen's second-lien term loan rating will be withdrawn upon full repayment with proceeds of the proposed transaction.

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