Moody’s affirms OneDigital

Moody's Investors Service said it affirmed the B3 corporate family rating and B3-PD probability of default rating of Achilles Acquisition LLC (OneDigital) following the company's issuance of a new a delayed draw first-lien term loan and an increase in its revolving credit facility.

The company has also privately placed a $100 million second-lien term loan (unrated).

Net proceeds from the second-lien term loan will be used to pay down the outstanding revolver balance, fund cash to the balance sheet, as well as pay related fees and expenses.

The outlook for OneDigital is stable.

The new second-lien term loan changes OneDigital's overall funding mix, resulting in a one-notch upgrade of the company's senior secured first-lien credit facilities to B2 from B3, the agency said.

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