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Moody's assigns Edmentum loan Ba3
Moody's Investors Service said it assigned a Ba3 rating to Edmentum, Inc.'s proposed $220.8 million first-lien senior secured term loan due 2018.
The proceeds will be used to refinance the company's existing first-lien term loan due 2018. It will have lower pricing and lower mandatory amortization requirements.
The proposed transaction does not affect the company's B2 corporate family rating, B2-PD probability of default rating or the debt instrument ratings.
The stable outlook is unchanged.
Moody's said it views the proposed transaction as credit neutral as the incremental liquidity arising from the proposed annual interest cost savings and lower mandatory amortization will be balanced by the slower than expected pace of funded debt reduction.
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