Moody’s rates Morsco B2, loan B3

Moody's Investors Service said it assigned Morsco, Inc. a B2 corporate family rating, a B2-PD probability of default rating and a B3 rating to its proposed $300 million first-lien term loan.

The outlook is stable.

Proceeds from the $300 million term loan along with a $125 million equity contribution from Advent International Corp. (Morsco's private equity owner) will be used to fund the purchase of Fortiline Holdings, LLC.

Morsco will also be upsizing its asset based revolving credit facility to $350 million.

The company's first-lien term loan is rated a notch below its corporate family rating due to the size of the revolving credit facility and its priority-lien on Morsco's most liquid assets ahead of the term loan, Moody’s said.

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