Moody’s gives YS Garments facility B2

Moody's Investors Service said it assigned B2 ratings to the proposed $380 million senior secured credit facility of NL Borrower, LLC, the acquirer of YS Garments, Inc. (Next Level Apparel).

The facility will consist of a proposed $330 million senior secured term loan and $50 million revolver.

The agency also assigned a B2 corporate family rating and a B2-PD probability of default rating to NL Borrower.

The outlook is stable.

Term loan proceeds, along with new sponsor equity and management rollover equity, will be used to finance the acquisition of a majority stake in YS Garments by private equity firm Blue Point Capital Partners, as well as pay related fees and expenses.

Upon completion of the transaction, NL Borrower will be merged with and into YS Garments, with YS Garments being the surviving entity and obligor under the credit facilities.

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