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Moody’s gives Zenith Energy, facilities B2
Moody's Investors Service said it assigned Zenith Energy U.S. Logistics Holdings, LLC a B2 corporate family rating, B2-PD probability of default rating and a B2 rating to its proposed first-lien senior secured bank credit facilities, which includes a $50 million revolver, $410 million term loan and $40 million delayed-draw term loan.
The outlook is negative.
The $410 million of gross proceeds from the term loan and about $370 million of sponsor equity will be used to purchase the outstanding LP, GP and IDR interests of Arc Logistics Partners, LP, refinance Arc Logistics’ debt, and purchase minority interests in Gulf LNG Holdings Group, LLC and Arc Terminals Joliet Holdings, LLC.
The new $50 million revolver and $40 million delayed-draw term loan are expected to be undrawn at the close.
Moody’s said the B2 corporate family rating reflects Zenith Energy’s high leverage, modest scale, risks associated with executing its growth plans and the uncertain outcome of the Gulf LNG arbitration.
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