Moody’s rates Mitratech facility B2

Moody’s Investors Service said it assigned a B2 rating to Mitratech’s (Maverick Bidco, Inc.) planned first-lien senior secured bank credit facility.

The agency also affirmed Mitratech’s B3 corporate family rating, B3-PD probability of default rating, B2 rating on the first-lien senior secured bank credit facilities and Caa2 ratings on its second-lien senior secured bank credit facilities.

The loan, cash equity from Ontario Teachers' Pension Plan Board and co-investors, cash from the balance sheet, and a seller note to fund the acquisition of two entities, one of which has been signed and the other is under a letter of intent. Additionally, the company's $40 million revolving credit facility will be upsized at the close of the transaction.

The outlook is stable.

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