Moody’s affirms Access CIG

Moody's Investors Service said it affirmed Access CIG, LLC's B3 corporate family rating and B3-PD probability of default rating following the announcement that the company will amend its senior secured credit facility and increase the first-lien term loan by $150 million, the proceeds of which will be used to finance several acquisitions under contract.

Concurrently, Moody's affirmed the company's senior secured first-lien credit facility at B2, consisting of proposed amended and upsized $930 million first-lien term loan ($773 million outstanding and $150 million incremental term loan) and a $60 million revolver, as well as Caa2 rating on the second-lien senior secured term loan.

The outlook remains stable.

Moody's said it believes the transaction is moderately credit negative because it increases debt and leverage with debt-financed acquisitions while the specific use for some of the proceeds is not fully determined.

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