Moody's assigns B3 to MIC Glen

Moody's Investors Service said it assigned a B3 corporate family rating to MIC Glen LLC, the proposed acquirer of Taco Bell franchisee, K-Mac Holdings Corp. Moody's also assigned a B3-PD probability of default rating, a B2 rating on its planned $540 million first-lien secured credit facilities consisting of a $60 million revolver and $480 million term loan and a Caa2 rating on its proposed $105 million second-lien term loan.

Proceeds from the proposed credit facilities and about $400 million of common equity contributed by funds affiliated with Mubadala Capital and current management will be used to fund the acquisition of K-Mac Holdings Corp. and subsidiaries.

The ratings of predecessor company, K-Mac Holdings Corp. are unaffected and will be withdrawn upon closing of the transaction and repayment of debt.

The outlook is positive.

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