Moody’s affirms Nautilus Power loans

Moody's Investors Service said it affirmed the B1 rating on Nautilus Power, LLC's senior secured credit facilities following the planned addition of $55 million to the term loan B.

After the incremental debt, the senior secured credit facility will consist of an about $659 million term loan B due in 2024 and a $75 million revolver due in 2022.

The outlook is stable.

Proceeds from the incremental debt plus $20 million in cash on the balance sheet will be used to pay a one-time dividend of about $72 million to Carlyle Group as sponsor, the owners of Nautilus, and to pay transaction fees and expenses.

Other terms of the senior secured credit facilities will remain largely the same, including the maturity dates and the cash flow sweep mechanism, which remains the greater of (a) 75% of excess cash flow and (b) the amount needed to be swept to reach a target debt balance, which will be adjusted to reflect the higher debt amount, Moody’s said.

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