Moody's assigns Centaur B3, loans B1, Caa1

Moody's Investors Service said it assigned a B3 corporate family rating and stable outlook to Centaur, LLC.

Moody's added that a B1 (LGD-3, 30%) rating was assigned to the company's $630 million first-lien five-year bank facilities while a Caa1 (LGD-5, 75%) rating was assigned to Centaur's $130 million second-lien six-year term loan.

Proceeds from the credit facilities, along with a $200 million seven-year participating PIK subordinated note (not-rated) issued to MH Private Equity Fund, LLC will be used to fund the development of racino facilities in greater Indianapolis and Western, Pa., the agency said.

According to Moody's, the B3 corporate family rating considers that Centaur's racino development projects will be entirely debt-financed and that the capitalized interest reserve will only cover the interest requirement through the Hoosier Park development.

© 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.