Moody's assigns AVI-SPL, loan B2

Moody's Investors Service said it assigned a first time B2 corporate family rating and B2-PD probability of default rating to A&V Holdings Midco, LLC (AVI-SPL) following the announcement of the leveraged buyout. At the same time, Moody's assigned a B2 rating to the company's proposed $420 million senior secured credit facility, consisting of a $370 million first-lien term loan B and a $50 million revolver. The outlook is stable.

Proceeds along with new and rollover equity will be used to fund the buyout of AVI-SPL by Marlin Equity Partners from H.I.G. Capital. The proceeds will also be used to buy Audio Fidelity Communications, LLC (Whitlock), a Marlin portfolio company. Upon the close of the transaction, AVI-SPL will be combined with Whitlock. AVI-SPL will be majority-owned by Marlin, with former owner H.I.G. retaining a minority stake.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.