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Moody’s rates Creative Artists CFR, loans B2
Moody's Investors Service said it assigned Creative Artists Agency, LLC a B2 corporate family rating and assigned a B2 rating to the proposed $610 million first-lien credit facility consisting of a $100 million five-year revolver and a $510 million seven-year term loan B.
The outlook is stable.
As part of the transaction, Creative Artists agreed to sell an additional ownership stake to TPG that will increase TPG's ownership stake to 52% from 35%.
Debt proceeds, including a $37 million revolver draw at closing, and $75 million of new equity from TPG will be used to fund a $400 million payment to members, repay existing debt, and pay fees related to the transaction. The distribution to the members is to fund a distribution to key members and retire Creative Artists member exit benefits. Roughly 25% of the proceeds will be held to fund future vesting by its members.
TPG will commit an additional $150 million of additional stand-by equity if attractive acquisition candidates are found, which would increase its ownership stake to about 60%.
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