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Moody’s rates World Triathlon facility B2
Moody's Investors Service said it assigned a B2 rating to World Triathlon Corp.’s proposed secured credit facility, which includes a $21 million five-year revolver and $250 million seven-year secured term loan.
The corporate family rating was affirmed at B2.
The outlook remains stable.
Proceeds from the proposed $250 million seven-year first-lien term loan will be used to refinance the existing term loan in addition to paying transaction related expenses.
Moody’s said the refinancing extends the debt maturity profile which is a positive as the existing revolver was scheduled to mature in June 2019. The interest rate spread is also expected to be reduced, which may offset higher Libor rates.
Pro forma leverage increases slightly to 6.1 times from 6 times as of the first quarter of 2018, which leaves little room for incremental debt or operational underperformance at the existing rating level, the agency explained.
The ratings on the existing credit facilities will be withdrawn after repayment.
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