Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers A > Headlines for Aptos, Inc. > News item |
Moody’s rates Aptos facilities B2, Caa2
Moody's Investors Service said it affirmed Aptos, Inc.'s B3 corporate family rating and B3-PD probability of default rating and assigned a B2 rating to the company's proposed $260 million first-lien senior secured credit facility and a Caa2 rating to the proposed $100 million senior secured second-lien term loan.
The outlook is stable.
The company intends to use the net proceeds from the proposed bank credit facilities to refinance its existing debt and pay related fees and expenses.
Aptos will enter into a new $30 million revolving credit facility, which will be undrawn at close, Moody’s said.
The B3 ratings of Aptos' existing first-lien credit facilities are not affected and will be withdrawn upon repayment in conjunction with the refinancing, the agency said.
"Though we expect Aptos' debt leverage to remain high and cash flows limited over the next 12-18 months, its next generation omni-channel cloud native platform is expected to drive higher SaaS revenues, increase customer retention and drive higher margin and cash flow over time," Moody's assistant vice president and analyst Oleg Markin said in a news 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.