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Moody's rates Kate Spade loan B2
Moody's Investors Service said it affirmed Kate Spade & Co.'s B2 corporate family rating and revised the outlook to positive from stable.
The agency also assigned a B2 (LGD 4, 52%) rating to the company's proposed $400 million senior secured term loan B due 2021 and upgraded the speculative grade liquidity rating to SGL-1 from SGL-2.
Moody's said the B2 rating assigned to the proposed $400 million term loan due 2021 reflects its first-lien on the Kate Spade trademarks and a second-lien on the collateral securing the proposed $200 million asset-based revolver.
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