Moody's assigns Ba3 to DigitalGlobe loan

Moody's Investors Service said it assigned a Ba3 rating to a new senior secured credit facility to be issued by DigitalGlobe, Inc.

The credit facility consists of a $500 million seven-year term loan and a $100 million five-year revolving credit facility.

The term loan proceeds are expected to repay an existing $355 million of senior secured notes due 2014.

As part of the rating action, Moody's said it upgraded the company's liquidity rating to SGL-1 from SGL-3, reflecting the improvement in the company's short-term liquidity profile, as pro forma for the new senior secured credit facility, DigitalGlobe has improved cash balances and has obtained a $100 million revolver as a backup facility.

Moody's also affirmed the company's Ba3 corporate family rating, changed the probability of default rating to B1 from Baa3 and affirmed the stable outlook.

© 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.