Moody's enters into $1 billion unsecured revolving credit facility

By Jennifer Chiou

New York, April 24 - Moody's Corp. and certain of its subsidiaries entered into on April 18 a $1 billion five-year senior unsecured revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission.

JPMorgan Chase Bank, NA acted as administrative agent with Bank of America, NA and Citibank, NA as co-syndication agents and RBS Citizens, NA and Bank of Tokyo-Mitsubishi UFJ, Ltd. as co-documentation agents.

Borrowings bear interest at Libor plus 77.5 basis points to 120 bps, depending on the total debt to EBITDA ratio. Quarterly facility fees range from 10 bps to 17.5 bps, also depending on the company's total debt to EBITDA ratio.

The facility comes due in April 2017 and replaces the New York-based rating agency's prior $1 billion facility that was scheduled to expire in September 2012.

Under the credit agreement, Moody's is required to maintain a total debt to EBITDA ratio of no more than 4:1 at the end of any fiscal quarter.

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