Moody’s cuts Sundyne bank ratings

Moody’s Investors Service said it downgraded the senior secured bank credit facilities to B3 from B2 of Star US Bidco, LLC (Sundyne).

“The downgrade of the senior secured bank credit facilities reflects the proposed refinancing of the second-lien term loan in its entirety with incremental first-lien debt. About $50 million of first-lien debt combined with cash on hand will fund a $70 million dividend to shareholders. The proposed $150 million fungible first-lien term loan add-on will increase pro forma debt/EBITDA to 6.2 times from 5.5 times as of Sept. 30, 2023,” Moody’s said in a press release.

Moody’s said it also affirmed Sundyne’s B3 corporate family and B3-PD probability of default ratings.

The outlook is stable.

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