Moody's rates Otter Products loans B1

Moody's Investors Service said it affirmed the ratings, including the B1 corporate family rating and the B1-PD probability of default rating, of Otter Products, LLC.

Concurrently, the agency assigned a B1 rating to the company's proposed $100 million senior secured revolving credit facility due 2019 and a B1 rating to the proposed $625 million senior secured term loan B due 2020.

The outlook is stable.

Proceeds from the transaction will be used to fund a $250 million distribution to shareholders and to refinance the existing credit facility.

The ratings on the existing senior secured facilities will be withdrawn upon completion of the transaction.

Moody's said the B1 rating on the $100 million revolving facility and the $625 million term loan is at the same level as the corporate family rating reflecting its preponderance within the capital structure. The new senior secured credit facility is expected to have a first-lien claim on all tangible and intangible assets of the borrowers and the guarantors, the agency said.

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