Moody’s rates Match loan Ba1

Moody's said it assigned a Ba1 rating to the $400 million incremental delayed-draw term loan facility that Match Group Holdings II recently issued.

The agency also affirmed Match Group Holdings’ Ba1 ratings on the senior secured bank credit facilities and Ba3 ratings on the senior unsecured notes. Concurrently, it affirmed Match Group Inc.’s Ba2 corporate family rating and Ba2-PD probability of default rating. Moody’s also revised the outlook to stable from negative.

Proceeds from the loan, if drawn, may be used to finance the cash portion of the $1.725 billion purchase price for the acquisition of Hyperconnect. The same collateral package as Match's bank credit facilities secures the delayed-draw term loan. No amounts were outstanding as of May 5.

“The revision of the outlook to stable reflects Match's strong reacceleration of top-line revenue growth in Q1 2021 (+23% year-over-year, +2.5% quarter-over-quarter) coupled with EBITDA margin expansion, and Moody's expectation that operating performance will remain robust over the coming year as the global economy recovers,” the agency said in a press release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.