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Moody’s rates Harlan loan B3
Moody’s Investors Service said it assigned a B3 rating to Harlan Merger Sub, Inc.’s (Harlan) proposed $425 million senior secured term loan B and $50 million senior secured revolver.
Proceeds from the proposed loan along with about $433 million of contributed equity from equity sponsor, L Catterton, will be used to pay for the purchase of Del Frisco's Restaurant Group, Inc. for about $665 million, repay debt of approximately $120 million at Uncle Julio’s, fund cash of $30 million to the balance sheet and pay about $47 million of fees and expenses, Moody’s said.
Moody’s said it assigned Harlan a B3 corporate family rating and B3-PD probability of default rating.
The outlook is stable.
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