Moody's gives B2 to All My Sons loans

Moody's Investors Service said it assigned first time ratings to AMS Intermediate Holdings, LLC (All My Sons or AMS), including a B3 corporate family rating and B3-PD probability of default rating.

Moody's also assigned a B2 rating to the company's $50 million senior secured revolving credit facility and $290 million first-lien term loan.

Proceeds from the first-lien term loan, cash equity, and $115 million in proceeds from a second-lien term loan, will be used to fund the acquisition of All My Sons by Golden Gate Capital.

The outlook is stable.

“The B3 CFR reflect the strength of All My Sons brand in the geographies in which it operates, as well as the risks inherent in a sponsor-owned company,” said Moody's AVP-analyst Justin Remsen in a news release. “Opening leverage is very high at over 7x, but the company will benefit from tailwinds in the residential moving industry, particularly in AMS's core market of larger suburban homes.”

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