Moody’s assigns B2 to Cerence loans

Moody’s Investors Service said it assigned B2 ratings to Cerence LLC’s proposed $425 million senior secured term loan B and $75 million revolving credit facility.

The ratings are line with the B2 corporate family rating and B2-PD probability of default rating.

Cerence is being spun off from Nuance Communications, Inc.

Proceeds from the proposed senior secured term loan B will be used to fund a portion of the cash of $110 million to the company’s balance sheet following the spinoff, distribute $310 million to Nuance, and fund estimated transaction fees and expenses, Moody’s said.

The outlook is positive.

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