Moody's assigns Mad Engine, loan B2

Moody's Investors Service said it assigned first time ratings to Mad Engine Global, LLC, including a B2 corporate family rating and a B2-PD probability of default rating. Moody's also gave a B2 rating to Mad Engine's proposed $250 million first-lien senior secured term loan.

“The B2 CFR assignment reflects Mad Engine's good credit metrics pro forma for the acquisition and related debt raise with Moody's lease adjusted debt/EBITDA of 4x for the LTM period March 31, 2021. The company has grown its licensing portfolio over the last decade which has driven strong top line growth. The acquisition of Fifth Sun adds print-on-demand (POD) capabilities which has been fast growing segment and generates stronger margins than its core wholesale business,” Moody’s said in a press release.

The proceeds will be used to complete the acquisition of Fifth Sun.

The outlook is stable.

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