Moody's rates Project Boost loans B2

Moody's Investors Service said it assigned a corporate family rating of B3 to Project Boost Purchaser, LLC, along with a probability of default rating of B3-PD and B2 (LGD 3) rating on its new $375 million first-lien term loan B and new $40 million revolving credit facility.

The outlook is stable.

Boost is an acquisition vehicle for Thoma Bravo, LLC, a private equity firm, to acquire Autodata Inc. from previous owner, KKR.

All of Autodata's existing ratings and outlook will be withdrawn when the buyout transaction closes, Moody's explained.

The proceeds from the $375 million senior secured first-lien term loan and a $175 million senior secured second-lien term loan, together with equity contributed by Thoma Bravo, will be used to purchase Autodata and repay Autodata's existing debt, the agency said.

The $40 million senior secured revolving credit facility is not expected to be drawn at close, Moody's said.

The ratings reflect high initial post-acquisition leverage with strong growth in Autodata's revenues, the agency said.

The company's EBITDA is expected to decline toward an adjusted 7x over the next 18- to 24-months, Moody's said.

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