Moody's rates kgb tranche Ba2

Moody's Investors Service said it assigned a Ba2 (LGD 3, 33%) rating to the $109 million revolver tranche due December 2012 under kgb's amended senior secured credit facility. The agency also said it affirmed its corporate family rating at Ba3, probability of default rating at Ba3, $17 million senior secured revolver due April 2011 at Ba2 (LGD 3, 33%), $292 million senior secured term loan due December 2012 at Ba2 (LGD 3, 33%) and $125 million second-lien term loan due December 2013 at B2 (LGD 5, to 85% from 84%).

The outlook remains stable.

In April, kgb entered into an amendment and extension transaction that downsized the committed amount of its revolving credit facility to $126 million from $200 million, Moody's said.

While the transaction reduces its committed revolver availability, the revolver is currently undrawn and the company's liquidity profile is enhanced by the elimination of near-term refinancing risk, Moody's said.

Liquidity further benefits from $111 million in cash on hand at the end of December, the agency said.

© 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.