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Moody's gives SRS Distribution loan B2
Moody's Investors Service said it assigned a B2 corporate family rating and B2-PD probability of default rating to SRS Distribution Inc.
Moody's also assigned a B2 rating to the company's proposed $220 million senior secured term loan.
The outlook is stable.
Proceeds from the term loan, in addition to $100 million of subordinated notes (unrated) and new equity in the form of common stock from affiliates of Berkshire Partners LLC, affiliates of Crescent Mezzanine Partners LP, and management, will finance the acquisition of SRS from the affiliates of AEA Investors. Berkshire Partners LLC, through its affiliates, will be the majority owner of SRS.
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