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Moody's assigns OEG, loans B2
Moody's Investors Service said it assigned OEG Borrower, LLC a B2 corporate family rating, a B2-PD probability of default rating and a B2 facility rating to the planned $300 million senior secured term loan and $65 million secured revolver.
“OEG Borrower, LLC's (OEG) B2 CFR rating reflects its high quality portfolio of experiential assets as well as its market position, brand recognition and track record as one of the longest standing and leading live event, entertainment, and media platforms focused on country music in the U.S. We expect the company to generate healthy free cash flow from its live entertainment assets and for operating results to continue to improve toward pre-pandemic levels in 2022, driven by a normalization of its show calendar and attendance numbers coupled with the pent-up demand for live entertainment post-pandemic,” Moody’s said in a press release.
The debt is being issued as part of a deal with Atairos Group, Inc. and its partner NBCUniversal, in which Atairos will acquire a 30% stake in Ryman Hospitality Properties, Inc.'s Opry Entertainment Group for about $293 million.
The outlook is stable.
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