Moody’s rates Greatbatch loans B1, notes Caa1

Moody's Investors Service said it assigned a B2 corporate family rating and B2-PD probability of default rating to Greatbatch, Inc.

The agency also assigned a B1 (LGD 3) rating to the company's proposed senior secured first-lien credit facilities, including a $300 million senior secured first-lien term loan A, $1,025,000,000 senior secured first-lien term loan B and a $200 million senior secured first-lien revolver.

Moody's also assigned a Caa1 (LGD 6) rating to the company's proposed $435 million senior unsecured notes.

The speculative grade liquidity rating is SGL-2.

The outlook is stable.

Proceeds will be predominantly used to finance the acquisition of Lake Region Medical. The acquisition for about $1.73 billion in cash and stock was announced in August 2015. Additionally, proceeds will be used to refinance existing debt, and pay transaction fees and expenses.

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