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Moody's gives B1 to Arctic Glacier loans
Moody's Investors Service said it assigned a B2 corporate family rating and probability of default rating to Arctic Glacier U.S.A., Inc. and assigned B1 ratings to Arctic Glacier's proposed senior secured credit facilities, consisting of a $25 million revolver and $200 million term loan.
The outlook is stable.
Moody's said Arctic Glacier's B2 corporate family rating reflects its high initial pro forma leverage in excess of 6.0 times (Moody's adjusted) and Moody's expectation that leverage will decline below 5.5 times over the next 12 to 18 months driven by debt repayments, modest revenue growth and cost saving initiatives.
The rating also considers modest pro forma coverage with EBIT to interest in the range of 1.4 to 1.5 times.
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