Moody's ups Knot, rates loan B2

Moody's Investors Service said it upgraded the Knot Worldwide Inc.'s corporate family rating to B2 from B3, and its probability of default rating to B2-PD from B3-PD. Moody's also affirmed the B2 rating assigned to the senior secured first-lien term loan due 2025 and assigned a B2 rating to the proposed $50 million senior secured first-lien revolving credit facility due 2028.

The proceeds from a proposed $175 million upsizing of the first-lien term loan to $611 million from $437 million will be used to repay in full the Knot's $175 million senior secured second-lien term loan.

Moody's said it intends to withdraw the ratings on the revolver due 2023 and the second-lien term loan when they are repaid.

The outlook is stable.

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