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Moody's gives Atrium loans B2, Caa2
Moody's Investors Service said it assigned ratings to Atrium Innovations Inc., consisting of a B3 corporate family rating, B3-PD probability of default rating, B2 ratings to the company's proposed revolving credit facility and first-lien term loans, and a Caa2 rating to its proposed second-lien term loan.
The outlook is stable.
Net proceeds from the term loans ($625 million), together with equity contribution ($443 million) from Atrium's financial sponsors, Permira Funds, Fonds de solidarite FTQ and Caisse de depot et placement du Quebec, will be used to fund the going-private transaction ($714 million), repay existing debt ($290 million), while $30 million will be used to boost liquidity. The new $75 million revolving credit facility will be undrawn at close.
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