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Moody’s gives Q Holding CFR, loans B3
Moody's Investors Service said it assigned a B3 corporate family rating and Caa1-PD probability of default rating to Q Holding Co. Inc.
Concurrently, the agency assigned a B3 rating to the company's senior secured first-lien revolving credit facility and senior secured first-lien term loan facility. Q Holding will be the borrower under the credit facilities.
The outlook is stable.
Private equity funds affiliated with 3i Group plc are expected to acquire Q Holding from its current owners, Industrial Growth Partners. The purchase will be financed with a five-year senior secured first-lien revolving credit facility and a seven-year term loan B in addition to an equity contribution from 3i. The transaction is expected to close by mid-December.
Moody’s said the senior secured term loan and revolving credit facility are rated at the same level as the corporate family rating as a result of its all bank debt structure, which in conjunction with the presence of financial maintenance covenants drives an above average family recovery rate assumption and a Caa1-PD rating that is one notch below the corporate family rating.
The facilities are expected to be secured by all assets of the company and are expected to be guaranteed by the company's existing and future direct and indirect wholly owned domestic subsidiaries.
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