Moody's rates Garden Ridge loan B2

Moody's Investors Service said it assigned B2 corporate family and probability-of-default ratings to GRD Holding III Corp., the parent company of Garden Ridge Corp/

Moody's also assigned a B2 (LGD3, 46%) rating to the company's proposed senior secured term loan B due 2017.

The outlook is stable.

The B2 corporate family rating reflects the company's highly leveraged capital structure following the debt-financed acquisition of controlling interest by AEA Investors LP from Garden Holdings LLC, an affiliate of Three Cities Research, Inc., according to the agency.

Adjusted pro-forma debt-to-EBITDA ratio is expected to be about 5.5 times.

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