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Moody’s ups Kestrel facilities
Moody's Investors Service said it upgraded the rating assigned to Kestrel Acquisition, LLC's senior secured credit facilities to Ba3 from B1 following a lower than anticipated increase to the term loan B amount.
Kestrel closed on a $50 million increase in its term loan compared to $150 million previously anticipated.
The outlook is stable.
Proceeds from the incremental debt were used to pay a special dividend to Platinum Equity, Kestrel's owner.
After the incremental debt, Kestrel's senior secured credit facilities consist of a $450 million term loan B due 2025 and a $40 million revolving credit facility due 2023.
“The one notch upgrade reflects the benefits of a lower debt quantum under the senior secured term loan which is expected to result in higher projected key financial metrics and a more manageable refinancing risk profile at debt maturity,” the agency said in a news release.
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