Moody’s rates Apple Leisure facility B3

Moody's Investors Service said it assigned a B3 rating to Casablanca Global Intermediate Holdings LP's (Apple Leisure Group) proposed first-lien senior secured bank credit facility.

At the same time, the agency affirmed the company's B3 corporate family rating and B3-PD probability of default rating.

The outlook is stable.

The B2 rating on the existing first-lien senior secured bank facility and Caa2 rating on the senior secured second-lien term loan are unchanged and will be withdrawn at the close of the transaction.

Proceeds from the planned bank facility will be used to refinance the company's existing first- and second-lien term loans and outstanding revolver. The company will also have in place a $175 million first-lien revolver, which will be undrawn at close.

Moody’s said Apple Leisure Group's credit profile reflects its high leverage that the agency expects will remain high over the next 12 to 18 months, whether evaluated using an EBITDA basis or a free cash flow basis.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.