Moody’s rates Omnitracs facilities B2

Moody's Investors Service said it affirmed Omnitracs, LLC's B2 corporate family rating and assigned a B2 rating to its proposed first-lien term loan and revolver.

The new first-lien facility represents the preponderance of the capital structure and is therefore rated the same as the corporate family rating.

The new debt includes a $50 million revolver due 2023 that is expected to be undrawn at closing, and a $745 million term loan due 2025, whose proceeds will be used primarily to refinance the company's existing $543 million first-lien and $190 million second-lien term loan. Upon closing, the ratings on the existing debt will be withdrawn.

The outlook remains stable.

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