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Moody’s cuts GHX first-lien loan
Moody's Investors Service said it affirmed GHX Ultimate Parent Corp.'s B3 corporate family rating and downgraded the first-lien credit facility to B3 from B2.
The action follows a proposed $123 million increase in the first-lien term loan and an equivalent paydown of the second-lien term loan, the agency said.
Moody’s said the downgrade reflects the reduced cushion of second-lien debt in the capital structure following the proposed upsizing of the first-lien term loan and repayment of second-lien debt.
The agency said that over the next 12 months it expects GHX's leverage to decline to about the high 7 times from EBITDA growth and debt repayment.
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