Moody's assigns Curo loans B2, Caa2

Moody's Investors Service said it assigned a B3 corporate family rating and a B3-PD probability of default rating to Curo Health Services, LLC.

Concurrently, the agency assigned a B2 rating to the company's proposed first-lien senior secured credit facilities and a Caa2 rating to the proposed second-lien senior secured term loan.

The outlook is stable.

The first-lien credit facilities will be comprised of a $35 million revolving credit facility and a $335 million term loan. The proposed second-lien term loan amount will be $115 million.

The company intends to use proceeds from the debt issuance to fund an acquisition of SouthernCare Holdings, Inc. for about $230 million, to refinance existing debt and to pay fees and expenses.

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