Moody’s rates Amaya loans B1, Caa1

Moody's Investors Service said it assigned a B2 corporate family rating and B2-PD probability of default rating to Amaya Gaming Group, Inc.

An SGL-2 speculative grade liquidity rating and stable rating outlook were also assigned to the company.

Moody's also assigned a B1 rating to Amaya BV's $100 million five-year first-lien revolver and $2 billion seven-year first-lien term loan, and a Caa1 to its $800 million eight-year second-lien term loan. ABV is a newly created subsidiary and will be the largest operating subsidiary of Amaya Gaming.

Proceeds from the proposed bank facilities will be used to partially fund Amaya Gaming’s pending acquisition of Oldford Group Ltd. for $5.05 billion, inclusive of up to a $550 million deferred payment due to the seller. Other funding sources include $1.05 billion of perpetual paid-in-kind convertible preferred stock issued, $642 million of common equity issued by Amaya Gaming, and cash on hand.

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