Moody's rates Hunter Fan loans B1

Moody's Investors Service said it assigned a B1 rating to Hunter Fan Co.'s proposed $142 million senior secured first-lien credit facility due 2018, consisting of a $25 million revolving credit facility and a $117 million term loan.

At the same time, Moody's affirmed the company's corporate family and probability of default ratings at B3.

The outlook remains stable.

Net proceeds from the proposed $117 million first-lien term loan and $63 million second-lien term loan will be used to repay substantially all of Hunter's existing outstanding debt, fund a one-time distribution of roughly $25 million to the company's shareholders and pay fees and expenses.

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