Moody’s rates Ontic first-lien loan B2

Moody's Investors Service said it assigned B2 ratings to the first-lien facilities issued by Bleriot US Bidco Inc., a wholly-owned subsidiary of Bleriot Midco Ltd.

The facilities consist of a $475 million senior secured first-lien term loan due 2026, an $85 million senior secured first-lien revolver due 2024, and a $75 million senior secured first-lien delayed draw term loan due 2026. The agency also assigned a Caa2 rating to the $175 million senior secured second-lien term loan due 2027, also issued by Bleriot US Bidco.

Bleriot was formed to acquire Ontic in a leveraged buyout.

The proceeds and new equity will be used to finance the acquisition of Ontic from BBA Aviation plc, to fund future license acquisitions, for working capital and to pay transaction fees and expenses. The transaction is expected to close in the fourth quarter.

Moody’s assigned a B3 corporate family rating and B3-PD probability of default rating to Bleriot Midco.

The outlook is stable.

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