Moody’s rates IGT loans B2

Moody’s Investors Service said it gave B2 ratings to IGT Holding III AB’s (IFS) new SEK 11.8 billion senior secured term loan and the new SEK 2.175 billion senior secured revolving credit facility issued by IGT Holding IV AB. Moody’s also affirmed the B2 corporate family and B2-PD probability of default ratings.

“The B2 instrument ratings of IFS are in line with the CFR, reflecting the pari passu capital structure and given that the facilities we rate essentially represent the entire debt capital structure at the company,” Moody’s said in a press release.

The term loan proceeds will predominantly be used to refinance IFS’ term loans, financing of acquisitions and paying a shareholder distribution to private equity owners EQT Partners and TA Associates.

The outlook remains negative.

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