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Moody’s rates Key Safety loans Ba2, B2
Moody's Investors Service said it assigned Key Safety Systems, Inc. a B1 corporate family rating and a B1-PD probability of default rating.
In a related action, the agency assigned a Ba2 rating to the new $500 million first-lien senior secured bank credit facility and a B2 to the $100 million second-lien senior secured term loan.
The outlook is stable.
The assignment follows the announcement that FountainVest Partners entered into a definitive agreement to acquire a 67.9% majority stake in Key Safety from Crestview Partners.
As part of the transaction, FountainVest will contribute cash equity of about $205 million and the company will enter into a new $420 million first-lien senior secured term loan and a new $100 million second-lien senior secured term loan.
Proceeds from the above, along with cash on hand will be used to fund FountainVest's investment in Key Safety, repay existing debt and pay related fees and expenses.
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