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Moody’s gives Creative Artists loan B2
Moody's Investors Service said it assigned a B2 rating to Creative Artists Agency, LLC's (CAA) proposed term loan B.
The corporate family rating is unchanged at B2.
The outlook remains stable.
The proposed term loan B will be increased by $160 million to about $778 million in order to fund a dividend to shareholders, including TPG Capital and members, as well as pay transaction related expenses.
“Leverage pro-forma for the transaction will increase to 6x (including Moody's standard adjustments) as of Q4 2016 and the maturity date of the term loan will be extended out to 2024 from 2021,” the agency said in a news release.
“The transaction represents the third increase of the term loan since the initial term loan closed in December 2014.”
Moody’s said it will withdraw the rating on the existing term loan B due 2021 upon repayment.
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