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Moody’s: BBB Industries unchanged by loan add-on
Moody's Investors Service said GC EOS Buyer, Inc.'s (BBB Industries) proposed $55 million first-lien term loan add-on is a credit negative but does not impact the company's ratings.
The ratings include the B3 corporate family rating, B3-PD probability of default rating, B3 senior secured first-lien term loan rating, Caa2 senior secured second-lien term loan and stable outlook.
Moody's said it views BBB Industries' proposed acquisition of the North American Rotating Electrical business of Remy Power Products as credit negative because it increases debt and leverage shortly after the leveraged buyout by Genstar Capital in August 2018.
In addition, the acquisition of a significantly underperforming business creates heightened execution risk, the agency added.
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