Moody's rates AlixPartners loan B1

Moody's Investors Service said it assigned a B1 first-time corporate family rating to AlixPartners LLP and a B1 rating to the company's proposed $435 million senior secured credit facility, which includes a $385 million term loan and $50 million revolver. The rating for the secured credit facility reflect the overall probability of default of the company, to which Moody's assigned a B2 probability-of-default rating, and the credit facility's LGD 3 loss-given-default rating.

The outlook is stable.

Moody's said the ratings are supported by the company's track record of strong organic growth, stable segment revenues across economic cycles, a high proportion of variable expenses and solid pro forma credit metrics.

Rating concerns include exposure to cyclicality, a relatively small revenue base compared to the company's rated peer group, significant pro forma adjustments to historical financial statements and concerns about employee retention, the agency said.

© 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.