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Published on 12/5/2014 in the Prospect News Bank Loan Daily.

Moody’s rates TASC, Engility merger debts Ba3, Caa1

Moody's Investors Service said it assigned ratings, including a B2 corporate family rating, to the borrowing entity planned for the merger of TASC, Inc. and Engility Holdings, Inc.

Concurrently, a Ba3 rating was assigned to the incremental first-lien debts planned and a Caa1 to the second-lien debt planned.

Proceeds will help fund the transaction and repay Engility's existing debt.

The outlook is stable.

The review with direction uncertain direction on TASC's existing B1 first-lien debt rating was revised to review for upgrade, while the review for upgrade on TASC's existing Caa2 second-lien debt rating continues. At close of the planned merger Moody's expects to raise TASC's existing first-lien debt rating to Ba3 from B1 and raise the second-lien debt rating to Caa1 from Caa2.

The review will be concluded upon close of the merger, currently scheduled to occur in the first quarter of 2015.


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