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Moody’s gives B3 to OpenLink, facilities
Moody's Investors Service said it assigned Ocean Bidco, Inc. (OpenLink) a B3 corporate family rating, B3-PD probability of default rating and B3 rating to the proposed senior secured credit facilities.
The outlook is stable.
Proceeds and equity from affiliates of ION Investment Group will be used to purchase OpenLink International, Inc. for about $800 million, repay existing debt and pay transaction-related fees and expenses.
Ocean Bidco will be merged into OpenLink, with OpenLink International, Inc. continuing as the surviving entity and borrower post-closing.
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