Moody’s: Odyssey Logistics B3, facilities B1, Caa2

Moody's Investors Service said it assigned a B3 corporate family rating and a B3-PD probability of default rating to Odyssey Logistics & Technology Corp.

Concurrently, Moody's assigned B1 ratings to the company's proposed $295 million first-lien senior secured credit facilities and a Caa2 rating to the company's $85 million second-lien senior secured term loan.

Proceeds from the new facilities along with a sponsor equity contribution will be used to fund the acquisition of Odyssey Logistics by the Jordan Co.

The outlook is stable.

Moody’s said the B3 corporate family rating reflects Odyssey Logistics’ comparatively modest footprint compared to other logistics providers, a cyclical set of end markets served and elevated pro forma financial leverage.

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