Moody’s gives Ba3 to Korn Ferry notes

Moody’s Investors Service said it assigned the following ratings to Korn Ferry: Ba2 corporate family rating, Ba2-PD probability of default and Ba3 rating to the new senior unsecured notes. Moody’s also assigned a speculative grade liquidity rating of SGL-1.

Proceeds will be used to repay the draw on the company’s senior secured revolving credit facility and to provide additional liquidity.

“Instrument ratings for the new senior unsecured notes (Ba3, LGD5) are one notch below the Ba2 corporate family rating, reflecting their junior position in the capital structure below the $650 million senior secured facility (unrated). The instrument ratings also reflect the overall Ba2-PD probability of default and the expectation for an average family recovery in a default scenario,” said Moody’s in a press release.

The outlook is stable.

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