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Moody’s gives Kettle Cuisine loans B1
Moody's Investors Service said it assigned ratings to KC Culinarte Intermediate, LLC (Kettle Cuisine), including a B2 corporate family rating and B2-PD probability of default rating.
The agency also assigned a B1 rating to the company's proposed first-lien senior secured credit facilities comprised of a $50 million five-year revolving credit facility and a $240 million seven-year first-lien term loan.
The company also plans to issue a $69 million second-lien term loan that will not be rated, Moody’s said.
The outlook is stable.
“Kettle Cuisine's B2 corporate family rating reflects its small scale, high product concentration and high financial leverage, balanced against stable sales growth, attractive EBITDA margins in the high teens, and solid cash flow,” the agency said in a news release.
“Additionally, the company's business profile is supported by favorable consumer demand trends toward fresh, high quality foods and by its long relationships with a diversified core customer base.”
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