Moody's rates Great Canadian Gaming loans B2, notes B2, Caa2

Moody's Investors Service said it assigned a B3 corporate family rating and B3-PD probability of default rating to Great Canadian Gaming Corp.

At the same time, Moody's assigned B2 senior secured ratings to the company's proposed C$650 million first-lien term loan, C$250 million revolving credit facility and C$650 million secured notes, all due 2026 and issued in U.S. dollar equivalents.

Moody's also assigned a Caa2 senior unsecured rating to the proposed C$400 million (U.S. dollar equivalent) notes due 2027.

The outlook is stable.

Proceeds from the issuances totaling C$1.7 billion, together with cash equity of C$1.65 billion, will fund Apollo Global Management, Inc.'s acquisition of Great Canadian in a going-private transaction totaling about C$3.7 billion.

© 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.