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Moody's rates Centerplate loans B2
Moody's Investors Service said it assigned a B2 rating to Centerplate, Inc.'s proposed $75 million first-lien revolver due 2018 and $345 million first-lien term loan due 2019.
At the same time, the agency affirmed Centerplate's B3 corporate family rating.
The outlook is stable.
Proceeds from the term loan offering will be used to repay the roughly $297 million of the company's existing term loan outstanding, as well as to repay a portion of its mezzanine debt.
The facilities are rated B2, which is one notch above the corporate family rating, reflecting a substantial amount of mezzanine debt (not rated by Moody's - about $77 million on close of the transaction) and other unsecured liabilities that are ranked below the senior secured credit facilities in the application of Moody's Loss Given Default methodology.
The term loan and revolver are secured by a first-lien pledge of substantially all assets of Centerplate and its domestic subsidiaries, and 65% of voting and 100% of nonvoting stock of its foreign subsidiaries.
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