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Moody's rates Arrowhead loans B3, Caa1
Moody's Investors Service said it assigned B3 ratings to the first-lien credit facilities and a Caa1 rating to the second-lien credit facility being arranged for Arrowhead General Insurance Agency, Inc.
Moody's also affirmed Arrowhead's B3 corporate family rating while maintaining a stable outlook.
Proceeds from the new facilities will be used to repay Arrowhead's existing credit facilities and to cover related transaction costs.
Arrowhead's refinancing will significantly enhance its credit profile by extending its debt maturities and increasing the cushion in its financial covenants, Moody's said.
Arrowhead's ratings reflect the company's expertise in distributing specialty property and casualty insurance products, its strong carrier relationships and its consistent operating margins, the agency added.
The ratings also consider company's significant debt burden as well as its modest size relative to the largest national brokers, Moody's said.
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