Moody’s rates ArisGlobal loans B2, Caa2

Moody's Investors Service said it assigned credit ratings to Athos Merger Sub, LLC (to be renamed AG Parent Holdings, LLC post-closing, doing business as ArisGlobal), including a B3 corporate family rating, a B3-PD probability of default rating, B2 ratings on proposed first-lien senior secured debt consisting of a $30 million revolver and a $240 million term loan, and a Caa2 rating on a proposed $50 million second-lien term loan.

Proceeds from the term loans plus new cash equity from private equity sponsor Nordic Capital and rolled over equity from current owners will be used to purchase ArisGlobal.

The outlook is stable.

“ArisGlobal begins its era under PE ownership with very high leverage,” Moody’s said in a news release.

The agency said it anticipates leverage will be close to 7.5 times by the end of 2019.

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