Moody's gives B1 to Alterra loans

Moody's Investors Service said it gave B1 ratings to Alterra Mountain Co.'s new $500 million senior secured first-lien revolver that expires in 2028 and new $500 million senior secured first-lien term loan due 2030.

The agency said the company's other ratings including the B1 corporate family rating, the B1-PD probability of default rating, the B1 ratings for its senior secured first-lien credit facilities and stable outlook are not affected.

The term loan proceeds will be used to repay the remaining $310 million balance on the outstanding first-lien term loan due 2024 as well as add $190 million of cash to the balance sheet to fund general corporate uses including the purchase of management incentive program.

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