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Moody's: Sizzling notes Caa1
Moody's Investors Service said it assigned a Caa1 (LGD 4, 65%) rating to Sizzling Platter, LLC's proposed $150 million of guaranteed senior secured notes due 2016 and a Caa1 corporate family rating and B3 probability of default rating to the company.
The outlook is stable.
Proceeds from the proposed note offering will be used to re-finance $65 million of existing debt, repay $25 million of preferred equity that is majority owned by Valor Equity Partners, fund an acquisition and increase the company's cash balances to about $31 million from $4 million.
The ratings reflect the view that the company's ability to materially improve its very weak credit metrics during the next 12 to 18 month period will be difficult, its limited product offering and its very small scale in terms of revenue.
The pro forma debt-to-EBITDA ratio is about 6.8 times.
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