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Moody’s cuts, rates Kcibt loans
Moody’s Investors Service said it Kcibt Holdings LP probability of default to D-PD from Caa2-PD and assigned Caa2 ratings to the company’s new first-lien debt instruments, including the $425 million term loan and $65 million revolving credit facility. The agency also gave a Ca rating to the company's new $177 million senior secured second-lien term loan and $5 million term last-out loan.
Moody’s concurrently lowered Kcibt’s corporate family rating to Caa3 from Caa2 based on the increased default risk in the next 12-18 months.
The downgrades follow the company’s latest amendment to its first and second lien credit agreements. The amendments will extend the company's debt maturities to 2026 from 2025, as well as extend its amortization holiday and pay-in-kind period. The borrower of the company's debt instruments is CIBT Global, Inc., Moody’s said.
“Moody's considers the extensions a distress exchange and a default under Moody's definition. The D-PD rating will be a temporary assignment and the PDR will be changed to Caa3-PD after three business days,” the agency said in a press release.
The outlook is stable.
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