Moody's rates ReAble loan Ba3, notes Caa1

Moody's Investors Service said it assigned a Ba3 rating to ReAble Therapeutics Finance LLC's proposed $100 million senior secured revolver and $1.055 billion senior secured term loan as well as a Caa1 rating to the company's proposed $575 million senior unsecured notes.

Upon the close of the transaction, Moody's said it will be re-assigning the corporate family rating, probability of default rating and speculative-grade liquidity rating to ReAble Therapeutics Finance, the highest entity with rated debt, from ReAble Therapeutics, Inc.

At that time, Moody's said it anticipates confirming the company's B2 corporate family rating, B2 probability of default rating and Caa1 rating for its existing $200 million senior subordinated notes with the outlook revised to negative.

Additionally, Moody's said it anticipates downgrading the company's speculative-grade liquidity rating to SGL-3 from SGL-2, noting that thereafter, ReAble Therapeutics Finance LLC will be renamed DJO Finance LLC and will be the borrower under the revolver and term loan as well as the issuer under the senior unsecured notes and senior subordinated notes.

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