Moody's rates Equinox notes B2

Moody's Investors Service said it lowered to B2 (LGD3, 35%) from B1 (LGD 3, 32%) the rating on Equinox Holdings, Inc.'s proposed $425 million senior secured notes due 2016. Its corporate family rating was unchanged at B3 and probability of default at B3.

The rating initially was assigned Jan. 15, but the agency said it reassigned the rating because of a change in the note's capital structure. The proposed senior secured notes have been increased in size to $425 million from $400 million while the proposed holding company's notes have been reduced, Moody's said.

Although this change does not impact the total amount of debt or the corporate family rating, it does impact the proportion of senior secured debt in the capital structure, the agency said.

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