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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