Moody’s rates Shutterfly loans B1, notes B1, Caa1

Moody's Investor Service said it assigned a B1 rating to Shutterfly LLC’s proposed senior secured credit facilities, consisting of a $300 million revolving credit facility and $1.285 billion term loan B, a B1 rating to the new $500 million senior secured notes and Caa1 rating to the new $300 million senior unsecured notes.

Moody’s assigned a B2 corporate family rating and a B2-PD probability of default rating to the company.

The outlook is stable.

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