Moody’s gives Verra loan B1, notes Caa1

Moody’s Investors Service said it gave Verra Mobility’s planned amended and extended $650 million senior secured first-lien term loan due 2028 a B1 rating and a Caa1 rating to the proposed $350 million senior unsecured notes due 2029.

Proceeds will be used to acquire Redflex Holdings Ltd. for about $128 million, repay its $866 million term loan due 2025, add $6 million of cash to the balance sheet and pay related fees & expenses.

The agency also assigned an SGL-1 speculative grade liquidity rating and affirmed its B2 corporate finance and B2-PD probability of default ratings. The company's current $75 million asset-based lending facility maturing 2023 will remain in place.

The outlook is stable.

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