Moody’s rates WME IMG facility B2

Moody's Investors Service said it affirmed WME IMG, LLC's (Endeavor) B2 corporate family rating and assigned a B2 rating to the proposed first-lien credit facility (including a new $2,775,000,000 first-lien term loan and a $200 million revolver) issued by its subsidiary.

The outlook remains stable.

First-lien term loan proceeds will be used to refinance the existing first- and second-lien term loan and the proposed $200 million revolver will replace the existing $100 million revolver that matures in 2019.

The refinancing will extend the WME IMG debt maturity schedule, reduce interest expense, and increase its revolver capacity.

The ratings on the existing first- and second-lien credit facilities will be withdrawn after repayment.

Moody’s said the B2 corporate family rating reflects the company's very high leverage of 7.3 times as of Q4 2017 (including Moody's standard adjustments and pro-forma for recent acquisitions) which positions the company very weakly at the existing rating.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.