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Moody’s: Harland Clarke unaffected by loan add-on
Moody's Investors Service said Harland Clarke Holdings Corp.'s $100 million add-on to its term loan B-6 will not change the B2 corporate family rating or the B1 rating on the upsized $1.362 billion term loan B-6.
All other ratings, as well as the stable outlook, are unchanged.
The $100 million add-on to the term loan B-6 is expected to be fungible with the existing term loan B-6 and will be used to help fund the acquisition of public company, MaxPoint Interactive, Inc., for $109 million (including the refinance of outstanding debt).
Roughly $12 million of cash from the balance sheet is also expected to be used to help fund the acquisition and pay transaction related expenses.
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