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Moody’s gives Anchor Packaging loans B2
Moody's Investors Service said it assigned a B3 corporate family rating and B3-PD probability of default rating to Anchor Packaging, LLC.
Moody's also assigned a B2 rating to the $450 million senior secured first-lien credit facilities, including a $60 million five-year revolver, a $320 million seven-year term loan and a $70 million delayed-draw first-lien term loan.
The proceeds of the term loan and a $95 million second-lien term loan (unrated) will be used to fund the acquisition of a majority stake in Anchor Packaging, LLC by Jordan Co.
The outlook is stable.
“The B3 corporate family rating reflects the company's small scale and weak credit metrics (pro forma debt/EBITDA of 7.4x in the twelve months ended March 31, 2019),” the agency said in a news release.
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