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Moody’s assigns WME IMG loan B3
Moody’s Investors Service said it assigned a B3 rating to WME IMG, LLC’s subsidiary’s (William Morris Endeavor Entertainment, LLC) new term loan.
“The net proceeds of the $260 million term loan B-2 will be used for general corporate purposes and will provide additional liquidity to manage through the impact of the coronavirus outbreak, although free cash flow is projected to remain negative as long as the pandemic limits the ability to hold live events. While WME IMG’s liquidity position is improved, interest expense will increase by about $25 million and pro forma leverage will rise to approximately 7.8x as of Q4 2019,” said Moody’s in a press release.
WME IMG’s B3 corporate family rating, B3-PD probability of default rating, and B3 first-lien credit facility ratings, including a senior secured revolver and term loan issued by its subsidiary, remain unchanged.
The outlook remains negative.
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