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Moody's rates Merrill loans B1, Ba3
Moody's Investors Service said it assigned a provisional B3 corporate family rating to Merrill Communications LLC, and provisional ratings of B1 to the proposed $390 million senior secured term loan and Ba3 to the proposed $30 million senior secured first-out revolving credit facility.
The proposed term loan and revolver are expected to be issued following an anticipated debt restructuring.
Moody's said it expects to assign a B3-PD probability of default rating to Merrill upon close of the transaction.
The outlook is stable.
If implemented as proposed, Moody's said the anticipated restructuring will put in place a longer term capital structure with improved liquidity, including significantly reduced cash interest payments and the elimination of sizeable restructuring-related fees going forward.
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