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Moody's: Nuveen unchanged
Moody's Investors Service said that Nuveen Investments, Inc.'s proposed amendment and extension of its existing first-lien term loan and revolving credit facility would not impact the company's ratings or positive outlook, including its Caa1 corporate family rating.
If successfully completed, the amendment would extend the maturity to May 2017 for $1 billion of Nuveen's $2.1 billion in first-lien term loans, Moody's said.
The amendment also would extend the maturity of the $250 million revolving credit facility to November 2015, the agency said.
The proposed transaction would also increase the spread on the $1 billion of extended first-lien term loans and $250 million credit revolver to 550 basis points from 300 basis points, the agency said.
Moody's said the amendment reflects a proactive approach to enhancing the company's debt maturity profile amid relatively attractive credit market conditions.
The amendment would modestly strengthen the company's overall financial flexibility, the agency said, but would not impact ratings, particularly in light of the absence of leverage reduction and remaining $1.1 billion of first-lien term loans still scheduled to mature in July 2014.
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