Moody's assigns B2 to Access revolver

Moody's Investors Service said it assigned a B2 rating to Access CIG, LLC's planned extended $60 million revolving credit facility due 2024. All other ratings, including the B3 corporate family rating, the B3-PD probability of default rating, the B2 rating on the upsized $1.005 billion first-lien term loan due 2025, including the proposed new $75 million incremental term loan, and the Caa2 rating on the $275 million second-lien term loan due 2026 remain unchanged.

“Moody's considers the transaction moderately credit negative because it further increases Access' very high debt and financial leverage, while also signaling the company's readiness to ramp up its acquisition activity over the next several quarters,” the agency said in a press release.

Proceeds from an incremental $75 million will be used for general corporate purposes and to fund future acquisitions. Concurrently, the company will extend the maturity of its revolving credit facility by a year to 2024.

The outlook is stable.

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