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Moody’s rates Air Newco 5 facilities B3
Moody's Investors Service said it assigned B3 ratings to the new senior secured first-lien facilities of Air Newco 5 Sarl (Advanced), borrowed through its subsidiary Air Newco LLC.
Concurrently, the agency affirmed Air Newco 5's B3 corporate family rating and B3-PD probability of default rating.
The outlook is stable.
The actions follow the syndication of new senior secured first-lien facilities, comprising a £282 million term loan B and a $325 million term loan B, both due in 2024, as well as an extended $50 million equivalent revolving credit facility maturing in 2023.
Moody’s said the B3 ratings, in line with the corporate family rating, reflect the fact that they will be the only financial instruments in the capital structure going forward.
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