Moody's rates MMM, NAMM loans B1

Moody's Investors Service said it assigned a B1 senior secured debt rating to MMM Holdings, Inc. and NAMM Holdings, Inc.'s proposed shared $423 million senior secured credit facility.

At the close of the amendment, it was estimated that the credit facility will consist of a $363 million term loan due in April 2015 and a five-year $60 million revolver and will result in a projected $100 million increase in the existing term loan.

The outlook is stable.

Proceeds will be used to pay a dividend to the group's stockholders, as well as general corporate purposes.

The agency said that the B1 senior debt rating reflects Aveta's leveraged capital structure, including the large amount of goodwill on the balance sheet, high concentration in Puerto Rico and the company's dependence on Medicare Advantage products.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.