Moody’s rates Academy loan B2

Moody’s Investors Service said it assigned a B2 rating to Academy, Ltd.'s proposed term loan due 2027.

The company's existing ratings are unchanged, including the B1 corporate family rating, B1-PD probability of default rating and B2 ratings on the senior secured term loan and notes.

The speculative-grade liquidity rating remains SGL-1.

The outlook remains positive.

Proceeds from the new $300 million term loan and $100 million of balance sheet cash will be used to refinance the existing $399 million term loan, while decreasing pricing relative to the existing facility.

The new credit facility is expected to have substantially the same terms as the existing one.

“Moody's views the transaction as credit positive because it lowers funded debt and interest expense,” the agency said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.