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Moody's rates Arclin loans B2, Caa1
Moody's Investors Service said it assigned ARC Falcon I Inc. (dba Arclin, Inc.) a first-time B2 corporate family rating, B2-PD probability of default rating, B2 rating to the company's proposed first-lien senior secured bank credit facilities and Caa1 rating to the company's second-lien term loan.
The outlook is stable.
Proceeds from the proposed $675 million first-lien senior secured term loan, $155 million second-lien term loan and $365 million of contributed equity will be used to fund the purchase of Arclin by The Jordan Co., LP from Lone Star Funds.
“The rating incorporates the substantial debt to finance the acquisition of Arclin offset by tailwinds in the company's products serving the residential building products and non-residential construction markets that are expected to continue into 2022,” said Domenick R. Fumai, Moody's vice president and lead analyst for ARC Falcon I Inc., in a news release.
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