Moody's cuts RentPath, rates loans B2

Moody's Investors Service said it downgraded RentPath, Inc.'s corporate family rating to B2 from B1 and probability of default rating to B3-PD from B2-PD following the company's proposal to issue additional secured debt and return cash to its equity sponsor.

RentPath was formerly known as Primedia Inc.

Moody's also assigned B2 (LGD3-32%) ratings to the company's proposed $470 million senior secured credit facilities which consist of a $425 million senior secured term loan due 2020 and $45 million senior secured revolver due 2018.

The proceeds from the new senior secured term loan will be used to fund a $110 million dividend to the company's equity sponsor and repay existing senior debt. The ratings are contingent on

The outlook is stable.

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