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Moody's rates Knowledge Learning loan B2, may cut Knowledge Learning, Kindercare ratings
Moody's Investors Service said it placed the ratings of Knowledge Learning Corp. and Kindercare Learning Centers Inc. under review for possible downgrade.
At the same time, Moody's assigned a rating of B2 to Knowledge Learning's proposed $640 million seven-year guaranteed senior secured credit facility.
Moody's said the review for possible downgrade was prompted by the negative implications of the proposed financing structure for the anticipated purchase of Kindercare by Knowledge Learning for $550 million in cash and the assumption of debt for a total of about $1.1 billion.
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