Moody’s: Jazz Acquisition loans B2 & Caa2

Moody's Investors Service said it assigned a B3 corporate family rating and B3-PD probability of default rating to Jazz Acquisition Inc. (Wencor Group LLC).

Concurrently, the agency assigned the following instrument ratings: B2 to the company's proposed $65 million senior secured first-lien revolving credit facility; B2 to the $320 million senior secured first-lien term loan; and Caa2 to the proposed $155 million second-lien term loan.

The outlook is stable.

Proceeds, along with a $420 million sponsor equity contribution, will be used to fund the acquisition of Wencor for about $860 million.

Moody’s said the rating favorably reflects its view that Wencor appears to be well positioned to benefit from continued growth in the aerospace aftermarket with particular opportunities for further penetration of its parts manufacturer approval and repair segments.

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