Moody's rates Kingpin loan B2

Moody’s Investors Service said it assigned a B2 rating to Kingpin Intermediate Holdings LLC’s new $165 million senior secured revolving credit facility and affirmed the B2 rating on its first-lien senior secured term loan. The agency also affirmed its parent Bowlero Corp.'s B2 corporate family rating and B2-PD probability of default rating and changed the outlooks for both companies to stable from negative.

“Bowlero's stable outlook reflects Moody's expectation for a strong and sustained recovery in operating performance from the impact of the pandemic. Moody's projects results will continue to exceed pre-pandemic levels during the company's upcoming peak operating season due to pent up consumer demand, cost saving measures, and ongoing investments in new and existing centers,” the agency said in a press release.

Moody's also assigned Bowlero an SGL-2 speculative grade liquidity rating, which reflects access to the new revolving credit facility and $165 million of pro forma cash on the balance sheet.

The rating on the outstanding revolving credit facility due 2022 will be withdrawn shortly, the agency said.

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