Moody's assigns LaserShip B3

Moody's Investors Service said it assigned first-time ratings to LaserShip (ASP LS Acquisition Corp.), including a B3 corporate family rating and a B3-PD probability of default rating. Moody's also assigned B2 ratings to its planned first-lien credit facilities, consisting of a $75 million revolver due 2026 and a $675 million term loan due 2028 and a Caa2 rating to the proposed $205 million second-lien term loan due 2029.

“LaserShip's ratings reflect the company's modest scale in the highly competitive e-commerce residential delivery space, relatively limited track record operating at high delivery volumes and elevated financial leverage. At less than $1 billion in revenue, LaserShip is significantly smaller than national deliverers UPS and FedEx, but maintains a strong regional network focused on densely populated areas in the eastern U.S.,” Moody’s said in a press release.

Term loan proceeds with cash equity will be used to finance the purchase of a majority stake in LaserShip by the private equity firm American Securities LLC.

The outlook is stable.

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