Moody's rates MH Sub I's facilities B2

Moody's Investors Service said it assigned B2 ratings to MH Sub I, LLC's first-lien credit facilities, comprising a $300 million revolving credit facility and $4.8 billion senior secured first-lien term loan. Concurrently, the agency affirmed MH Sub I’s B3 corporate family rating, B3-PD probability of default rating and Caa2 rating on the $575 million senior secured second-lien term loan.

MH Sub I will use the proceeds to refinance its first-lien credit facilities, consisting of a $214 million revolver, $2.47 billion outstanding first-lien term loan and $1.33 billion outstanding incremental first-lien term loan, the 2024 first-lien credit facilities, and fund a $1 billion shareholder distribution to private equity sponsor Kohlberg Kravis Roberts & Co. LP.

The outlook remains stable.

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