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Moody's rates ILC, loans B2
Moody's Investors Service said it assigned B2 corporate family and probability of default ratings to ILC Industries, LLC, along with B2 (LGD 4, 50%) ratings to its $300 million secured term loan and $30 million revolving credit facilities.
The outlook is stable.
The proceeds were used in December 2010 to refinance existing indebtedness upon the separation of ILC Industries, Inc. into two stand-alone businesses and to make a distribution to shareholders, Moody's said.
The company's significant operating subsidiary is Data Device Corp.
The ratings consider its relatively modest revenue base and levered capital structure, the agency said.
The ratings also reflect healthy margins and anticipate sustained profitability and free cash flow, Moody's added.
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