Moody's: WaveDivision loan Ba3, notes Caa1

Moody's Investors Service said it assigned B2 corporate family and probability of default ratings to WaveDivision Holdings, LLC, a Ba3 rating to its proposed first-lien credit facility and a Caa1 rating to its proposed bonds.

The outlook is stable.

In June, WaveDivision announced that Oak Hill Capital Partners, GI Partners and Wave management would acquire Wave from Sandler Capital Management.

The proposed transaction incorporates $200 million of cash equity from Oak Hill and GI and $40 million of rollover equity from management.

The equity contribution represents 25% of the approximately $950 million transaction value, with remaining funding for the acquisition and to repay Wave's existing debt coming from a proposed $50 million first-lien revolver, a $471 million first-lien term loan and $250 million of senior unsecured notes.

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