Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers C > Headlines for CCC Information Services Inc. > News item |
Moody’s rates CCC Information loan B2
Moody's Investors Service said it assigned a B3 corporate family rating to CCC Information Services Inc., along with a B3-PD probability of default rating.
The agency also assigned B2 instrument ratings to the company's new first-lien credit facilities, including a $100 million revolver and a $925 million term loan B and Caa2 instrument rating to a new $375 million second-lien term loan.
The secured debt proceeds, including $30 million drawn under the revolver, plus new and rolled over equity will be used to effect Advent International's acquisition of CCC, Moody’s said.
Upon closing of the transaction, which is expected early in the second quarter, Moody's said it expects to withdraw the ratings of CCC Information Services.
The outlook is stable.
The ratings reflect the very high debt-to-EBITDA ratio of 8.4x at closing of the acquisition, Moody’s said, and an expectation that the measure will moderate slowly over the next 12 to 18 months as organic revenues continue to grow.
Although CCC has a leading market position in the U.S. auto physical damage claims market, its $500 million revenue size is relatively small and it has significant customer concentration, the agency said.
© 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.