Moody’s assigns B2 to Anthology loans

Moody's Investors Service said it assigned ratings to Astra Intermediate Holding Corp. (dba Anthology), including a B3 corporate family rating and a B3-PD probability of default rating.

Moody's also assigned instrument ratings at the Astra Acquisition Corp. borrower level, including B2 ratings to a new $140 million revolving credit facility and a new $1.3 billion term loan.

Proceeds from the first-lien term loan, from a new $500 million second-lien term loan (unrated) and $757 million of new and rolled over equity will be used to acquire, for $1.9 billion, higher education learning management software provider Blackboard, Inc., retire $432 million of existing Anthology debt, pay $150 million in transaction fees, and allocate $85 million of cash to Anthology's balance sheet.

Outlooks at both the Astra Intermediate parent-guarantor level and the Astra Acquisition borrower level are stable.

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