Moody’s gives ISS facilities B2, Caa2

Moody's Investors Service said it assigned a B3 corporate family rating and B3-PD probability of default rating to GC Lighthouse Merger Sub, Inc.

Concurrently, the agency assigned a B2 rating to the proposed $40 million senior secured first-lien revolver, a B2 rating to the proposed $275 million senior secured first-lien term loan, a B2 rating to the proposed $25 million senior secured delayed-draw term loan and a Caa2 rating to the proposed $110 million senior secured second-lien term loan.

The outlook is stable.

The new loans are being issued as part of a transaction whereby affiliates of Genstar Capital are acquiring Institutional Shareholder Services Inc. in a transaction valued at about $720 million. In addition to the credit facilities, affiliates of Genstar Capital are investing roughly $354 million of new cash equity.

Following the buyout, the new debt issued by GC Lighthouse will be assumed by Institutional Shareholder Services. The transaction is expected to close in October.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.