Moody's assigns Savers, loan B2

Moody's Investors Service said it assigned ratings to Evergreen AcqCo 1 LP (Savers), including a B2 corporate family rating and a B2-PD probability of default rating. Also, Moody's assigned a B2 rating to Savers' proposed $600 million senior secured first-lien term loan.

Savers agreed to be acquired by Ares Management Corp.

“The B2 CFR assignment reflects Savers' moderate pro forma leverage post-transaction with debt/EBITDA in the mid-6x range for the LTM period Jan. 2, 2021. The rating also reflects Savers' good liquidity, including its improved ability to generate free cash flow given its lower interest expense following the close of the transaction,” Moody’s said in a press release.

The outlook is stable.

Loan proceeds will be used to fully repay the company's debt and fees and expenses associated with the transaction.

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