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Prospect News home > News index > List of issuers G > Headlines for Great Atlantic & Pacific Tea Co., Inc. (A&P) > News item |
Moody's assigns A&P DIP revolver Ba2, term loan B2
Moody's Investors Service said it assigned a Ba2 rating to the $450 million super-priority senior secured revolver (DIP revolver) and a rating of B2 to the $350 million super-priority senior secured term loan (DIP term loan) of the Great Atlantic & Pacific Tea Co. Inc. (A&P) as debtor-in-possession.
Both DIP credit facilities mature June 14, 2012.
The higher rating of the DIP revolver reflects the "first out" structure of the facility whereby it will be repaid prior to the DIP term loan.
Moody's said both ratings take into consideration the size of the DIP facilities versus an estimated recovery value under either a reorganization or liquidation scenario.
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