Moody's rates Arcas loans B1

Moody's Investors Service said it assigned a B2 corporate family rating and a B3 probability of default rating to Arcas Intermediate Holdings (Sequa Automotive).

In a related action, Moody's assigned B1 ratings to the new $60 million senior secured first-lien revolver and $215 million first-lien term loan of Arcas' operating subsidiary ARC Automotive Group, Inc.

The outlook is stable.

The proceeds from the term loan, along with $125 million of contributed equity from affiliates of the Jordan Co., will be used to fund the purchase of Sequa Corp.'s automotive businesses and pay fees and expenses related to the transaction.

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