Moody’s gives DJO Finance loan Ba3; notes Caa1, Caa2

Moody's Investors Service said it affirmed DJO Finance LLC's corporate family rating of B3 and probability of default rating of B3-PD.

At the same time, the agency assigned a Ba3 (LGD 2) rating to the company's $1,025,000,000 first-lien term loan, a Caa1 (LGD 5) rating to its $1,045,000,000 second-lien senior secured notes and a Caa2 (LGD 6) rating to its $300 million third-lien notes.

The outlook is stable.

The speculative grade liquidity rating was affirmed at SGL-3.

Proceeds from the term loan and second- and third-lien notes, along with borrowings under a new ABL revolving credit facility (unrated), will be used to refinance all of the company's outstanding debt, pay related redemption costs and associated transaction fees and expenses.

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