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Moody's assigns B2 to United Talent loan
Moody's Investors Service said it assigned a B2 rating to United Talent Agency, LLC's new $250 million senior secured first-lien term loan.
The B2 corporate family rating, existing B2 senior secured first-lien credit facility rating and all other ratings remain unchanged.
UTA will use the loan to repay the revolver balance and add about $60 million of cash to the balance sheet. The new loan is expected to be non-fungible with the outstanding term loan that will remain outstanding. The senior secured revolving credit facility will also be boosted to $215 million from $200 million as part of the transaction. Moody’s said pro forma leverage increases to 5.7x from 5.3x as of Q3 2022 because of the transaction.
The outlook is stable.
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