Moody’s assigns Ba3 Highway Ventures loan

Moody’s Investors Service said it assigned a Ba3 rating to Highway Ventures Borrower LLC’s proposed $300 million senior secured term loan B.

Moody’s also assigned a Ba3 corporate family rating to the entity.

“Highway Ventures Borrower LLC’s Ba3 corporate family rating reflects the issuer’s portfolio of travel center assets that is well-diversified across top U.S. freight markets with high barriers to entry,” said Moody’s in a press release.

Proceeds will be used to finance a distribution to its parent company, Service Properties Trust, formerly known as Hospitality Properties Trust.

The rating outlook is stable.

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