Moody’s rates Ahead DB loan B2

Moody’s Investors Service said it assigned a B2 rating to Ahead DB Borrower LLC’s proposed $370 million first-lien senior secured term loan and downgraded the probability of default rating to B3-PD. The lower PDR reflects the expectation for maintenance covenants on the term loan in the revised structure.

Moody’s affirmed the company’s B2 corporate family rating and B2 rating on the $65 million first-lien senior secured revolver following the proposed revisions to the transaction structure. The revised structure will include a smaller term loan and no distribution to shareholders.

“As majority owner of two portfolio companies (Ahead, LLC and Data Blue, LLC), Court Square Capital Partners will roll over equity from both investments and issue preferred equity to create the merged entity, Ahead DB. Proceeds from the new borrowings will be used to add some cash to the balance sheet, refinance $341 million of existing debt for the two individual companies, and pay related expenses,” said Moody’s in a press release.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.