Moody’s gives Shoes for Crews loans B2

Moody's Investors Service said it assigned a B3 corporate family rating to SHO Holding I Corp. (doing business as Shoes for Crews) and a B2 rating to its $258 million first-lien credit facilities consisting of a $233 million term loan and $25 million revolver.

The outlook is stable.

On Oct. 27, private equity firm CCMP Capital Advisors, LLC closed on the acquisition of a controlling stake in Shoes for Crews. The transaction was funded with proceeds from a $233 million term loan and an unrated $100 million second lien term loan, along with equity contributed by CCMP and rollover equity.

Upon completion of the transaction, the acquirer (Never Slip Merger Sub, Inc.) merged with and into SHO Holding, with SHO Holding becoming the surviving entity and obligor under the proposed credit facilities.

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