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Moody’s rates Zest acquirer loans B2, Caa2
Moody's Investors Service said it assigned a B3 corporate family rating and B3-PD probability of default rating to Ivory Merger Sub, Inc.
The agency also assigned a B2 (LGD 3) rating to the company's first-lien credit facilities comprised of a $50 million revolving credit facility and a $265 million first-lien term loan.
Moody's also assigned a Caa2 rating (LGD 5) to the company's $115 million second-lien term loan.
The outlook is stable.
Proceeds from the term loans and about $235 million of equity will be used to finance the acquisition of Zest Dental Solutions by BC Partners. At closing, Ivory Merger Sub will be merged into Charger Acquisition Corp., the parent of Zest, with Charger being the surviving entity.
At closing, Moody's will withdraw all existing ratings currently assigned to Zest Holdings LLC.
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