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Moody's rates Fotolia CFR, loan B2
Moody's Investors Service said it assigned a B2 corporate family rating and a B3-PD probability of default rating to Fotolia Holdings, Inc.
The agency also assigned B2 to the company's proposed $210 million senior secured term loan.
The outlook is stable.
Proceeds from the new facility are expected to fund the refinancing of existing debt, a $73 million special dividend and transaction related fees.
Moody's said the B2 corporate family rating reflects high leverage with pro forma debt-to-EBITDA of 4.6 times estimated upon closing of the proposed dividend transaction. Based on Moody's forecast, debt-to-EBITDA could improve to roughly 4 times over the next 12 to 18 months driven by low to mid-single digit percentage EBITDA growth and application of a portion of free cash flow to reduce term loan borrowings.
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