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Moody's gives CBAC loans B3
Moody's Investors Service said it assigned a B3 corporate family rating and a Caa1-PD probability of default rating to CBAC Gaming, LLC.
Moody's also assigned a B3 rating to the company's proposed $300 million first-lien bank credit facilities consisting of a $215 million seven-year term loan B, a $75 million seven-year delayed draw term loan B and a $10 million six-year revolver.
The outlook is stable.
Moody's said the B3 rating on CBAC's senior secured bank debt is the same as the company's corporate family rating as it represents the preponderance of the debt within the company's capital structure.
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