Moody’s gives Laird B3, facilities B2

Moody’s Investors Service said it assigned a B3 corporate family rating and a B3-PD probability of default rating to AI Ladder (Luxembourg) Subco Sàrl (Laird).

The outlook is stable.

Concurrently, Moody's assigned a B2 rating to the company's proposed $750 million senior first-lien term loan B and a B2 rating to the company's proposed $133 million revolving credit facility.

The credit facilities will be used to finance the acquisition of Laird by Advent International by way of a scheme of arrangement.

The agency said the corporate family rating is primarily supported by Laird's strong market positions with technical capabilities highly ranked by its customers, a well-diversified geographic footprint, a track record of organic growth and medium to high barriers to entry protecting the business.

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