Moody's gives Warnaco loan Ba2

Moody's Investors Service said it assigned a Ba2 rating to Warnaco's proposed $180 million senior secured term loan and to the company's amended $175 million senior secured revolving credit facility and affirmed the existing corporate family rating of Ba3 and the senior unsecured debt rating of B1.

The outlook remains stable.

The agency noted Warnaco will use the proceeds of the term loan, along with existing cash balances, to partially finance the $286 million acquisition of certain businesses from Fingen SpA.

Moody's said the upward notching of the secured debt reflects the quality of the separate collateral packages.

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