Moody’s: Dragon Merger/DexKo facilities B1, Caa1

Moody's Investors Service said it assigned a B2 corporate family rating and B2-PD probability of default rating to Dragon Merger Sub, LLC.

Concurrently, the agency assigned B1 ratings to the proposed first-lien bank credit facilities and Euro-denominated first-lien term loans and a Caa1 rating to the proposed second-lien term loan.

The outlook is stable.

Dragon Merger Sub is a new legal entity that has been established as a part of a transaction valued at about $1.9 billion whereby an affiliate of KPS Capital Partners, LP is acquiring a controlling stake from Sterling Group, who will continue to have a minority ownership position.

Dragon Merger Sub will be the initial lead borrower under the credit facilities.

Following the consummation of the buyout, Dragon Merger Sub will ultimately merge with DexKo Global, Inc. and DexKo Global will be the surviving entity.

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