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Fitch gives RealD loan B+
Fitch Ratings said it assigned a B- long-term issuer default rating to RealD Inc.
The agency also assigned a B+/RR2 rating to the company's $250 million senior secured first-lien term loan due 2023.
The proceeds from the first-lien term loan along with the proceeds of $75 million from second-lien term loan and $25 million of equity from Rizvi Traverse and management are expected to refinance the existing term loan facility due 2021 and cover related expenses.
“RealD's ratings incorporate the company's leading market position in the United States, a strong patent portfolio and its long-tenured contracts and relationships with top movie exhibitors around the world,” the agency said in a news release.
“The ratings are constrained by the company's revenue volatility associated with its high dependency on the quantity and quality of 3D movies - a segment representing approximately 20% of overall movie industry.”
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