Moody's gives Spin facility B2

Moody's Investors Service said it assigned a B3 corporate family rating and B3-PD probability of default rating to Spin Holdco, Inc.

At the same time, Moody's assigned a B2 rating to Spin Holdco's first-lien senior secured credit facility, consisting of a $75 million revolver due 2018 and a $770 million term loan due in 2019.

Proceeds will be used, together with a $325 million unrated second-lien term loan and equity of $270 million contributed by Pamplona Capital Partners III, LP, to repay all of the existing debt of Coinmach Service Corp. (a Spin Holdco subsidiary) and to purchase and combine both Coinmach and a smaller entity that is in a related line within its route based business platform.

The outlook is stable.

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