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Published on 4/6/2021 in the Prospect News Bank Loan Daily.

Moody’s gives Crown Subsea loans B1

Moody’s Investors Service said it assigned Crown Subsea Communications Holding, Inc.’s planned senior secured bank credit facilities consisting of a $730 million first-lien term loan and a $100 million revolver, B1 ratings.

Concurrently, Moody’s affirmed Crown’s B1 corporate family and B1-PD probability of default ratings.

Crown will use the proceeds and balance sheet cash to pay a dividend to shareholders and re-lever the company following its term loan’s redemption in 2020.


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