Moody's rates Sagittarius Restaurant loans B1

Moody's Investors Service said it assigned a provisional B1 rating to Sagittarius Restaurant LLC's proposed $195 million senior secured credit facilities to be issued to partly refinance its existing bank debt as part of its balance sheet recapitalization. The company's Caa2 corporate family rating and probability of default rating remain under review for possible upgrade.

The proceeds will be used to refinance its existing senior secured credit facilities and pay fees and expenses related to the transaction.

The new credit facilities are comprised of a $35 million revolving credit facility and a $160 million term loan, both will mature in 2015, Moody's said.

The review for possible upgrade will focus on the company's ability to successfully complete the refinancing and restructuring, the agency said.

Should the transactions close as proposed, Moody's said it expects to raise the company's corporate family rating to Caa1 with a stable outlook.

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