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Moody’s revises Sterling to negative
Moody's Investors Service said it revised Sterling Midco Holdings, Inc.'s outlook to negative from stable following the company's Jan. 6 announcement that it will undertake a leveraged acquisition of TalentWise, Inc.
Concurrently, the agency affirmed the company's B2 corporate family rating, B2-PD probability of default rating, B1 first-lien credit facilities rating and Caa1 second-lien term loan rating.
Sterling will finance this acquisition through use of $120 million incremental first-lien and $20 million second-lien term loans, and equity contributions from new and existing shareholders.
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