Moody’s rates Herschend, loan B3

Moody's Investors Service said it assigned Herschend Entertainment Co., LLC a B3 corporate family rating, a B3-PD probability of default, and a B3 rating to the proposed $465 million term loan B due 2025.

The outlook is stable.

Net proceeds of the proposed $465 million term loan B will be used to refinance outstanding debt and add cash to Herschend's balance sheet.

The debt will be issued by three different co-borrowers with Herschend Entertainment as the lead borrower, in conjunction with Herschend Adventure Holdings, LLC, and Harlem Globetrotters International, Inc.

Moody's said it expects that Herschend will have adequate liquidity to manage through 2021 even if the pandemic continues to disrupt normal operations.

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