Moody's gives Ollie's loan add-on B2

Moody's Investors Service said it assigned a B2 rating to Ollie's Holdings, Inc. proposed $60 million senior secured first-lien term loan add-on.

At the same time, the agency affirmed all existing ratings, including the B2 corporate family rating and B2-PD probability of default rating.

The outlook remains stable.

The proposed term loan add-on will be used to pay a dividend to existing shareholders. CCMP Capital Advisors and management wholly own Ollie's.

Moody's said Ollie's has a consistent track record of both sales and earnings growth, which the agency expects will continue and will be the main driver of the improvement in Ollie's credit metrics. Moody's does not anticipate any material repayment in debt over the next 12 to 18 months.

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