Moody’s rates Canada Goose B1, loan B2

Moody’s Investors Service said it assigned first-time ratings to Canada Goose Inc., consisting of a B1 corporate family rating, B1-PD probability of default rating, a B2 to its proposed $300 million senior secured first-lien term loan B due in 2027 and an SGL-1 speculative grade liquidity rating.

Proceeds from the C$402 million term loan will be used to repay its first-lien term loan B of C$155 million, repay C$50 million on its ABL facility and the remaining C$185 million will be added to cash on the balance sheet.

The new term loan’s B2 rating reflects its junior ranking to the ABL facility.

The outlook is stable. The outlook is based on the expectation the company’s results will be hurt by the pandemic in fiscal 2021. Meaningful improvement will occur in fiscal 2022 and onwards, the agency said.

© 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.