Moody’s gives ECi loan B2, notes Caa2

Moody's Investors Service said it assigned a B2 rating to the new first-lien credit facilities and a Caa2 rating to the new second-lien notes of ECi Macola/Max Holding, LLC. The agency also affirmed the company’s B3 corporate family rating as well as the B3-PD probability of default rating.

Net proceeds from the proposed $990 million refinancing will be used to repay $514 million of a first-lien term loan and $168 million of a second-lien term loan, fund an acquisition, and pay a dividend distribution to shareholders. The ratings on the loans that will be repaid as part of this refinancing will be withdrawn upon repayment, the agency said.

The outlook is stable.

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