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Moody's rates MKS facilities Ba1
Moody's Investors Service said it assigned Ba1 ratings to MKS Instruments, Inc.'s new senior secured revolving credit facility and new senior secured term loan facilities. The term loan facilities will be comprised of a senior secured term loan A, a dollar-denominated senior secured term loan B and a euro-denominated term loan B.
Moody's also affirmed MKS' Ba1 corporate family rating and Ba1-PD probability of default rating. The speculative grade liquidity rating remains unchanged at SGL-1.
The proceeds along with a new share issuance will be used to fund the acquisition of Atotech UK Topco Ltd.
“Upon closing of the acquisition, Moody's will withdraw the rating of MKS' existing senior secured term loan due February 2026 (existing bank facility) upon full repayment and the ratings of Atotech, including the CFR and the backed senior secured bank credit facilities of its Alpha 3 BV subsidiary following full repayment,” the agency said in a press release.
The outlook is stable.
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