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Moody's gives Octave Music facilities B2
Moody's Investors Service said it assigned B2 ratings to the Octave Music Group, Inc.’s proposed first-lien credit facilities (consisting of a $25 million amended senior secured revolving credit facility and $290 million amended senior secured term loan). The rating outlook remains stable.
Moody’s affirmed the company’s B2 and downgraded the probability of default rating to B3-PD from B2-PD.
Proceeds from the debt raise combined with cash balances will be used to refinance Octave Music's existing credit facilities. The company launched an amendment to its first-lien credit agreement to upsize the first-lien term loan and use the excess proceeds to fully repay the $67.5 million outstanding second-lien facility, extend debt maturities, reset the soft-call protection to 101 for six months and reset financial covenants.
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