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Moody's rates AOT notes Caa1
Moody's Investors Service said it assigned a Caa1 rating to the $725 million senior unsecured notes issued by AOT Bedding Super Holdings LLC.
At the same time, all ratings were affirmed, including the B2 corporate family rating.
The outlook is stable.
On Sept. 6, Moody's assigned a B2 corporate family rating to AOT in connection with the $3 billion acquisition by Advent International. AOT is the parent company of National Bedding Co., the majority owner and licensee of Serta, and Simmons Bedding Co. At the completion of the transaction, the company will be renamed Serta Simmons Holdings, LLC.
The transaction was funded with a $1.2 billion senior secured term loan, a $725 million senior unsecured bridge loan and $1.1 billion of equity.
"The bridge loan is being replaced with the $725 million senior unsecured notes," Moody's senior credit officer Kevin Cassidy said in a news release.
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