Moody's rates Astro One loans B3, Caa2

Moody's Investors Service said it assigned a B3 corporate family rating and a B3-PD probability of default rating to Astro One Acquisition Corp.

Moody's also assigned a B3 rating to the company's proposed first-lien term loan and also assigned a Caa2 rating to the second-lien term loan.

The outlook is stable.

Platinum Equity is acquiring Fetch Holdco LLC, and has separately agreed to acquire another to-be-announced pet supplies asset (code name "Brody"). Platinum plans to merge the two companies under a newly formed holding company, Astro One Acquisition Corp.

The combined transaction will be financed with a $525 million seven-year first-lien term loan and a $155 million eight-year second-lien term loan. Platinum is financing the remainder of the purchase price with equity. The company also plans to put in place an $80 million asset-based revolver that will not be rated and will be undrawn at close.

© 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.