Moody's assigns Hoyts loans B1, B3 ratings

Moody's Investors Service said it assigned a definitive B2 corporate family rating to Hoyts Group Holdings LLC.

At the same time, Moody's assigned a definitive B1 senior secured rating to the first-lien U.S. dollar-denominated term loan and revolving credit facilities and a definitive B3 senior secured rating to the second-lien term loan entered into by Aufinco Pty Ltd. and US Finco LLC, 100% owned and guaranteed subsidiaries of Hoyts.

The rated debt includes a US$310 million first-lien senior secured term loan B facility due May 29, 2020, a A$40 million senior secured revolver due May 20, 2018 and a US$100 million second-lien senior secured term loan due Nov. 30, 2020.

"Hoyts' ratings principally reflects its aggressive financial profile with leverage expected to remain elevated over the next several years, as well as solid market position, strong national cinema circuit and good admissions levels," said Ian Lewis, a Moody's vice president and senior credit officer, in a news release.

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