Moody's affirms Mitchell loan

Moody's Investors Service said it affirmed the B1 rating on Mitchell International, Inc.'s $135 million first-lien term loan, which was upsized from $87 million. The outlook remains stable.

The agency noted proceeds from the additional borrowings under the first lien term loan facility and cash on hand are expected to be used to repay all borrowings under the second-lien term facility plus related transaction expenses.

Mitchell expects to benefit from decreased interest costs due to lower interest rates on the amended credit facility, Moody's noted.

The ratings continue to benefit from a stable revenue stream predominantly generated on a subscription basis from the company's insurance and collision repair facility customers, the agency said.

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