Moody's: ABB/Con-Cise loans B2

Moody's Investors Service said it assigned a B2 corporate family rating and a B3 probability of default rating to ABB/Con-Cise Optical Group LLC.

At the same time, Moody's assigned B2 (LGD 3, 31%) ratings to the company's proposed first-lien senior secured credit facilities, including a $115 million senior secured first-lien term loan B and a $40 million senior secured first-lien revolver.

The outlook is stable.

The proceeds from the senior secured credit facilities will be used, along with an equity contribution, to finance the acquisition of ABB/Con-Cise by New Mountain Capital from current owners, including Riordan, Lewis & Haden, and pay transaction fees and expenses.

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