Moody’s assigns Mitchell loan B2

Moody’s Investors Service said it assigned a B2 rating to Mitchell International, Inc.’s proposed $675 million senior secured first-lien term loan add-on.

Mitchell will use the proceeds to help it acquire Coventry Workers’ Compensation Services and repay the $122 million draw on the company’s $125 million first-lien senior secured revolver.

Moody’s affirmed the company’s B3 ratings, the B2 ratings on its $1.6 billion first-lien senior secured term loan and revolver and Caa2 rating on its $300 million second-lien term loan.

The outlook is stable.

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