Moody’s rates AI Convoy loan B1

Moody's Investors Service said it assigned B1 ratings to the senior secured first-lien term loan B due 2027, split into a $788 million and a €885 million tranches, and the $350 million equivalent senior secured first-lien revolving credit facility due 2025 issued by AI Convoy (Luxembourg) Sarl. The outlook on the company is stable.

The proceeds of the debt financing, alongside new equity, will be used to finance of the acquisition of Cobham by AI Convoy, refinance existing debt for working capital and pay transaction fees and expenses. The transaction closed on Friday and Cobham Plc was delisted on Monday.

Moody’s also assigned a B2 corporate family rating and B2-PD probability of default rating to AI Convoy a holding company formed to effect the acquisition of Cobham by funds managed by Advent International.

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