Moody's: New Trident loans B1, Caa1

Moody's Investors Service said it assigned a B2 corporate family rating and B2-PD probability of default rating to New Trident Holdcorp, Inc.

At the same time, Moody's assigned a B1 rating to New Trident's proposed $415 million senior secured first-lien term loan (composed of a $75 million revolving credit facility expiring in 2018 and a $340 million first-lien term loan due 2020) and a Caa1 rating to its proposed $155 million senior secured second-lien term loan due 2021.

The outlook is stable.

Proceeds from the credit facilities, along with $191 million of equity contribution from Formation Capital and Audax (FundIV and affiliates), will be used to refinance Trident's existing credit facilities, acquire Life Choice Hospice for $92 million and purchase about $294 million in shareholder equity primarily from financial sponsors Audax Group and Frazier Healthcare Ventures.

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