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Moody's might up Quality Home, rates loans B3 & Caa2
Moody's Investors Service said it placed Quality Home Brands Holdings LLC's Caa2 corporate family rating and Caa2-PD probability of default rating under review for upgrade.
At the same time, the agency assigned a B3 rating to the company's proposed $160 million first-lien senior secured term loan and a Caa2 rating to the proposed $70 million second-lien senior secured term loan.
The review was prompted by Quality Home Brands' announcement that it intends to refinance all of its existing debt with proceeds from the new term loans, proposed $40 million senior unsecured Holdco debt, existing cash and modest borrowings under a new $50 million asset-based revolving credit facility.
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