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Moody's rates Koosharem loans B1, Caa1
Moody's Investors Service said it assigned a B1 rating to Koosharem Corp.'s proposed $245 million first-lien credit facility and a Caa1 rating to its proposed $55 million second-lien term loan, which are intended to replace its proposed $300 million first-lien senior secured credit facility (rated B2 on June 13) that was canceled.
Concurrently, Moody's said it withdrew the B2 rating assigned to the proposed $300 million first-lien credit facility.
Pro forma for the aforementioned capital mix changes, Moody's affirmed the B2 corporate family rating.
The outlook is stable.
The ratings reflect solid credit metrics for the rating category, a strong market position in California, low levels of customer concentration and good industry demand trends, the agency said.
Moody's said the ratings are constrained by substantial integration risks, intense price competition and pronounced earnings and margin cyclicality.
More specifically, Moody's assigned a B1 rating to the $85 million five-year senior secured revolver and $160 million six-year first-lien term loan and assigned a Caa1 rating to the $55 million seven-year second-lien term loan.
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