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Moody's rates Select Staffing loan B3
Moody's Investors Service said it assigned a B3 corporate family rating and a B3-PD probability of default rating to Koosharem LLC (Select Staffing) and a B3 (LGD4, 57 %) rating to its proposed senior secured term loan due 2020. The outlook is stable.
Select Staffing filed for Chapter 11 bankruptcy protection on April 1. The proceeds from the proposed term loan, proceeds of an equity rights offering and balance sheet cash will be used to finance Select Staffing's exit from bankruptcy, which the company expects to do in May.
The agency said the B3 corporate family rating reflects high financial leverage, modest free cash flow and risks of revenue declines and operating disruption stemming from Select Staffing's restructuring.
The rating derives support from Select Staffing's several brands, multiple segments served and scale within the U.S. metropolitan markets where it operates, the agency said, adding that liquidity is considered adequate.
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