Moody’s rates Access CIG facilities B2, Caa2

Moody's Investors Service said it affirmed Access CIG LLC's B3 corporate family rating and B3-PD probability of default rating.

At the same time, the agency assigned a B2 rating to the company's proposed $755 million first-lien senior secured credit facility (including the proposed $60 million revolving credit facility, a $575 million first-lien term loan and a $120 million delayed-draw term loan), as well as a Caa2 rating to the proposed $255 million senior secured second-lien term loan (including a $40 million delayed-draw term loan).

The outlook is stable.

The company intends to use the net proceeds to refinance its existing debt and pay fees and expenses.

The respective B2 and Caa2 ratings of Access' existing first- and second-lien credit facilities are not affected and will be withdrawn upon repayment in conjunction with the refinancing.

Moody's said it affirmed the corporate family rating as the proposed refinancing will not materially alter the company’s debt-to-EBITDA (Moody's adjusted) leverage of around 7.3 times as of Dec. 31, 2017.

However, the agency said the transaction will modestly increase the company's financial flexibility by extending the debt maturity profile and lowering annual cash interest payments.

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