Moody's gives Jones Group acquirer loan Ba3

Moody's Investors Service said it assigned B2 corporate family and B2-PD probability of default ratings to Nine West Holdings, Inc. (initially Jasper Merger Sub Inc.) and assigned a Ba3 rating to the company's proposed $470 million secured term loan.

The outlook is stable.

The agency also assigned a SGL-2 speculative grade liquidity rating.

The ratings assigned are subject to receipt and review of final loan documentation and closing of the acquisition of Jones Group Inc. on substantially the current terms. Upon consummation of the transaction, Jasper Merger Sub will be merged with and into Jones Group, with Jones being the surviving entity, and will be renamed Nine West Holdings, Inc.

Moody's said the new secured term loan, and any new unsecured debt offering that may result from a tender of the 2019 notes, will benefit from upstream guarantees of the operating subsidiaries of Nine West, while the existing Jones unsecured notes will not benefit from any upstream guarantees.

© 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.