Moody's rates Fastlane loans B1, Caa1

Moody's Investors Service said it assigned B2 corporate family and probability of default ratings to Fastlane Acquisition Co., Inc., a new entity formed by affiliates of TPG Capital that will merge into FPC Holdings, Inc. (the surviving entity that directly owns FleetPride Corp. - collectively referred to as FleetPride) at transaction closing.

Moody's also assigned a B1 rating to Fastlane's proposed $425 million first-lien senior secured term loan due 2019 and a Caa1 rating to the proposed $200 million second-lien senior secured term loan due 2020.

The outlook is stable.

Proceeds from the proposed bank debt combined with equity from the sponsor will be used to fund the acquisition of FleetPride, including the repayment of existing debt. The transaction is expected to close in November.

© 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.