Moody's rates SBE loan B2

Moody's Investors Service said it assigned a B3 corporate family rating to Stockbridge/SBE Holdings, LLC and a provisional B2 rating to its proposed $300 million first-lien term loan.

Upon receipt and review of the final documents, Moody's said it will remove the provisional designation and assign a B2 rating to the loan.

The net proceeds of the loan, sponsor equity of roughly $329 million and to-be-raised junior debt will be used to finance the renovation, construction and development of SLS Las Vegas.

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