Moody’s rates Great Dane B3, facility B2

Moody's Investors Service said it assigned a B3 corporate family rating and B3-PD probability of default rating to Great Dane Merger Sub, Inc., to be merged with and into CommerceHub Inc., in connection with the pending leveraged buyout.

The agency also assigned a B2 instrument rating to CommerceHub's proposed $335 million first-lien senior secured credit facility, which includes a $30 million revolver and $305 million term loan.

The outlook is stable.

The proposed $145 million senior secured second-lien term loan is unrated.

Moody’s said that CommerceHub is weakly positioned in the B3 corporate family rating given near term risks including very high financial leverage, small scale and uncertainties related to onboarding and realizing revenue and cash flow targets from recent account wins.

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