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Moody's may lower Lord & Taylor
Moody's Investors Service said it placed Lord & Taylor Holdings, LLC ratings, including its B1 corporate family rating, on review for downgrade.
The review for downgrade follows the announcement that Lord & Taylor's parent company, Hudson's Bay Co., has agreed to purchase Saks for $16 per share or a total transaction price of about $2.9 billion in a transaction that will be largely funded with debt, the agency noted.
The following ratings are placed on review for downgrade: corporate family rating at B1, probability of default rating at B1-PD and senior secured bank facility at Ba3 (LGD 3, 37%).
The review for downgrade acknowledges Moody's concern that Hudson's Bay's acquisition of Saks may result in an incremental releveraging of Lord & Taylor should Hudson's Bay choose to use Lord & Taylor as a vehicle to support the financing of the transaction.
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