Moody’s rates Matterhorn notes Caa2

Moody's Investors Service said it assigned a Caa2 rating to Matterhorn Merger Sub, LLC's proposed $375 million unsecured notes.

Matterhorn Merger is the legal entity that will acquire H-Food Holdings, LLC, parent of Hearthside Group Holdings, LLC.

All of Matterhorn's existing ratings are unchanged.

The outlook is stable.

Proceeds from the notes, a $1.12 billion first-lien term loan and $979 million of cash equity will be used by Matterhorn to purchase H-Food and repay existing debt. Matterhorn will be merged into H-Food with H-Food being the surviving entity.

H-Food is being acquired by an investment group led by Charlesbank Capital Partners and Partners Group.

Moody's will withdraw its ratings on Hearthside and its existing rated debt once the transaction is completed.

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