Moody’s rates Maravai loans B2, Caa2

Moody’s Investors Service said it assigned a B3 corporate family rating and B3-PD probability of default rating to Maravai Intermediate Holdings, LLC.

The agency also assigned B2 ratings to the company's senior secured first-lien credit facilities and a Caa2 rating to its secured second-lien term loan.

The outlook is stable.

Proceeds from Maravai's new credit facilities will be used to refinance its existing debt, issue a $52 million dividend to its owners and pay transaction fees.

“Maravai's B3 corporate family rating reflects its high financial leverage and modest size with less than $120 million of revenue,” Moody’s said in a news release.

“Maravai's pro forma debt/EBITDA will be in the high 7 times range following the issuance of debt to complete a debt-financed dividend and refinancing.”

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.