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Moody's ups Advanstar CFR, PDR
Moody's Investors Service said it upgraded Advanstar Communications, Inc.'s corporate family rating to B3 from Caa2 and probability of default rating to B3-PD from Caa2-PD following the anticipated completion of its refinancing transaction and closure of the merger with ENK International Holdings, Inc.
As part of the action, Moody's confirmed the B1 (LGD3-31%) ratings on the $320 million senior secured first-lien credit facilities, which consist of a $300 million term loan and $20 million revolver and Caa2 (LGD5-84%) rating on the $175 million second-lien term loan.
The outlook is stable.
Moody's said the B3 corporate family rating is the result of a much improved credit profile and the resolution of Advanstar's upcoming debt maturity. The injection of new capital to finance the combination of ENK and Advanstar will result in a meaningful improvement in leverage and cash flow and a slight improvement in business scale.
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