S&P ups Moxie loans to B+

Standard & Poor's said it raised its preliminary ratings on Moxie Liberty LLC's $435 million secured term loan B-1, $150 million term loan B-2 and $42 million LOC facility to B+ from B.

The agency also affirmed the preliminary 1 rating on the debt.

The outlook is stable.

The term loan B will consist of a first-draw $435 million loan (upsized from $358 million) and a $150 million delayed-draw loan. The 12-month delayed-draw loan will be priced now but will carry a 2% commitment fee. Almost $363 million in equity is cash-funded at close. The 1 recovery rating on the bonds indicates very high (90% to 100%) recovery under a default scenario.

"Ratings are, however, constrained in the 'B' rating category because of construction-related risks," S&P credit analyst Aneesh Prabhu said in a news release.

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