Moody’s rates CP Iris loans B1, Caa1

Moody's Investors Service said it assigned a first-time B2 corporate family rating and B2-PD probability of default rating to CP Iris Holdco II, Inc. (CP Iris).

Moody's also assigned B1 ratings to CP Iris' proposed (i) $90 million revolving credit facility expiring in 2026, (ii) $525 million senior secured first-lien term loan maturing in 2028, and (iii) $105 million senior secured first-lien delayed-draw term loan due in 2028.

In addition, Moody's assigned a Caa1 rating to the company's $210 million senior secured second-lien term loan due in 2029.

The outlook is stable.

The proceeds from the proposed financing will be used to fund Centerbridge Partners, LP's acquisition of IPS Corp. (a wholly owned subsidiary of CP Iris) from Encapsys, LLC (B2 stable).

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