Moody’s rates Applied Systems loans

Moody's Investors Service said it assigned B2 ratings to Applied Systems Inc.’s planned senior secured first-lien term loan and senior secured first-lien revolving credit facility and a Caa2 rating to the proposed senior secured second-lien term loan.

“The proposed senior secured first-lien term loan due 2031, and the proposed revolving credit facility due 2029 are rated B2, one notch above the CFR, given their senior position in the capital structure, with a first lien on all assets, and loss absorption provided by the senior secured second-lien term loan. The proposed senior secured second-lien term loan due 2032 is rated Caa2, reflecting its effective subordination to the first-lien debt,” Moody’s said in a press release.

The agency also affirmed the issuer’s B3 corporate family and B3-PD probability of default ratings.

The outlook is stable.

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