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Moody's: David's Bridal loan B1, notes Caa2
Moody's Investors Service said it assigned B3 corporate family and probability of default ratings to bridal retailer DBP Holding Corp. (David's Bridal, initially CDR DB Sub, Inc.) following the announcement of its $1.05 billion leveraged buyout.
Moody's also assigned a B2 rating to the company's proposed $500 million senior secured term loan and a Caa2 rating to the $270 million senior unsecured notes.
The outlook is stable.
CDR DB Sub, Inc. is an acquisition vehicle that will be merged with and into DBP Holding upon closing of the transaction, with DBP Holding being the surviving entity and obligor under the new capital structure.
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