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Moody's ups GWR, rates Great Wolf loans B3
Moody's Investors Service said it upgraded GWR Operating Partnership, LLLP's corporate family rating to B3 from Caa1, probability of default rating to B3-PD from Caa1-PD and first mortgage notes to B2 (LGD3-43%) from B3 (LGD3-42%).
In addition, Moody's assigned a B3 rating to Great Wolf Resorts, Inc.'s proposed $320 million guaranteed senior secured term loan and $100 million guaranteed senior secured revolver.
The SGL-3 speculative grade liquidity rating of GWR was affirmed.
The outlook is positive.
Proceeds from the proposed $320 million of guaranteed senior secured term loan will be used to repay GWR's $230 million first mortgage notes, $48 million Concord property loan and fees and expenses. Moody's ratings are subject to review of final documentation.
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