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Moody's lowers Aramark notes
Moody's Investors Service said it assigned provisional ratings to the proposed financing of the leveraged buyout of Aramark Corp.
Moody's said it concurrently downgraded to B3 from B2 the rating on the existing 5% senior notes due 2012 of Aramark Services, Inc., a wholly owned subsidiary of Aramark Corp.
This concludes a review for possible downgrade initiated on May 1, 2006, the agency said.
The outlook is stable.
A summary of Moody's rating actions follows: assigned Aramark (Newco): $600 million secured revolving credit facility due 2013, provisional Ba3 (LGD 3, 32%), $3.660 billion secured term loan due 2014, provisional Ba3 (LGD 3, 32%), $250 million secured synthetic letter of credit facility due 2013, provisional Ba3 (LGD 3, 32%), $1.7 billion senior unsecured notes due 2015, provisional B3 (LGD 5, 80%), $570 million senior subordinated notes due 2016, provisional B3 (LGD 6, 93%), corporate family rating, provisional B1 and probability of default rating, B1.
The actions included downgrading Aramark's corporate family rating, to B1 from Ba3, probability of default rating, to B1 from Ba3, senior unsecured shelf registration, to provisional B3 (LGD 6, 96%) from provisional B2 (LGD 6, 96%) and senior subordinated shelf registration, to provisional B3 (LGD 6, 97%) from provisional B2 (LGD 6, 97%) as well as Aramark Services' $250 million senior unsecured notes due 2012, to B3 (LGD 6, 96%) from B2 (LGD 6, 96%), senior unsecured shelf registration, to provisional B3 (LGD 6, 96%) from provisional B2 (LGD 6, 96%) and senior subordinated shelf registration, to provisional B3 (LGD 6, 97%) from provisional B2 (LGD 6, 97%).
Moody's added that affirmed ratings include $300 million senior unsecured notes due 2007, Baa3, $31 million senior unsecured notes due 2007, Baa3, and $300 million senior unsecured notes due 2008, Baa3.
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