Moody’s gives Apro facilities B1

Moody's Investors Service said it assigned Apro, LLC (United Pacific) a B2 corporate family rating and B3-PD probability of default rating.

The agency also assigned B1 ratings to the company's proposed $25 million senior secured five-year revolver and $230 million senior secured seven-year term loan B.

The outlook is stable.

Proceeds from the proposed term loan will be used to fund a $100 million dividend to its private equity owner, refinance United Pacific's existing $97 million term loan, put $26 million of cash on the balance sheet for general corporate purposes, and to pay fees and expenses.

Moody’s said the B2 corporate family rating reflects United Pacific's high leverage of about 7 times pro forma for the transaction (including Moody's standard adjustments), which the agency expects will remain high for the next 12 to 18 months.

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