Moody’s rates CoreLogic loans B1, Caa1

Moody's Investors Service said it assigned CoreLogic, Inc.’s proposed senior secured first-lien revolver and term loan a B1 rating, senior secured second-lien term loans at Caa1, corporate family rating a B2 and a B2-PD probability of default rating.

The rated debt and equity from affiliates of Stone Point Capital LLC and Insight Partners will fund the acquisition of 100% of the common stock of CoreLogic in a go-private transaction, as well as pay related fees and expenses.

Moody’s said the B2 corporate family rating reflects high financial leverage above seven times, but good interest coverage above two times and free cash flow to debt around 5%, expected in 2021. Financial leverage is expected to return to below seven times by 2022, incorporating Moody's expectation for rapid and substantial debt repayment from free cash flow over the next two or more years.

The outlook is stable.

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