Moody's assigns Augusta Sportswear loan

Moody's Investors Service said it assigned a B3 rating to Oak Parent, Inc.'s (Augusta Sportswear) extended senior secured term loan due April 2025. Augusta Sportswear also extended its $40 million revolver to April 2025 from October 2023.

All other ratings remain unchanged, including the company's B3 corporate family rating, Moody’s said.

“The amendment and maturity extension of the $347 million term loan to April 2025 from October 2023 is a credit positive, as it addresses Augusta Sportwear's near-term debt maturity while only modestly increasing credit spread. Pro-forma for the transaction and including the current SOFR rate, Moody's-adjusted EBITA/interest expense will decline to an estimated 1.6x from 2.5x as of July 2, 2022,” the agency said in a press release.

The outlook remains stable.

© 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.