Moody's assigns Michael Baker loan B2

Moody's Investor Service said it gave a B2 rating to Michael Baker International, LLC’s planned $300 million first-lien term loan. The existing ratings, including the B2 corporate family rating and B2-PD probability of default rating.

The proceeds will fund redemption at par of Michael Baker's $250 million of secured notes due 2023 and will repay $37 million of revolver borrowings.

“The transaction will extend the company's maturity profile and reduce annual cash interest expense. Leverage, pro forma for the transaction, will increase modestly to 4.3x from 4.2x at June 30, 2021,” Moody’s said in a press release.

The outlook remains stable.

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