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Moody’s raises Osmose facilities to B1
Moody's Investors Service said it affirmed Osmose Utilities Services, Inc.'s B3 corporate family rating, B3-PD probability of default rating and the Caa2 rating for the company's amended and upsized $201 million second-lien senior secured term loan due 2023.
At the same time, the agency upgraded the amended first-lien senior secured credit facilities (consisting of an upsized $308 million first-lien term loan due 2022 and a $50 million revolving credit facility expiring 2020) to B1 from B2.
The outlook is stable.
In a proposed transaction, Osmose is seeking to amend its first- and second-lien credit agreements to upsize its first-lien term loan by $33 million and its second-lien term loan by $96 million. Proceeds, along with nearly $50 million of balance sheet cash will be used to fund a sizeable distribution to the company's existing shareholders in the amount of up to $172 million.
Moody’s said the upgrade on first-lien credit facilities reflects the addition of a material amount of second-lien debt to the company's capital structure.
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