Moody’s rates RE/MAX, loans Ba3

Moody's Investors Service said it assigned RE/MAX, LLC a Ba3 corporate family rating, Ba3-PD probability of default rating, a Ba3 rating to its proposed $235 million senior secured first-lien term loan due 2023 and a Ba3 rating to its proposed $10 million senior secured first-lien revolving credit facility due 2021.

The outlook is stable.

Proceeds from the term loan and about $53 million of balance sheet cash will be used to refinance RE/MAX’s existing credit facility, fund the acquisitions of the regional master franchise rights for the states of New Jersey, Kentucky, Tennessee and Georgia and the southern Ohio region, covering about 7,000 agents, for $95 million and pay transaction-related fees and expenses.

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