Moody's gives Riverdeep loans B1, Caa2

Moody's Investors Service said it assigned a B1 rating to Riverdeep Interactive Learning USA, Inc.'s proposed $5.45 billion senior secured first-lien credit facilities and a Caa2 to its proposed $1.7 billion senior secured second-lien facilities.

In addition, Moody's said it has confirmed Riverdeep's B3 corporate family rating with a negative outlook.

According to the agency, details of the rating action are as follows: $500 million senior secured first-lien revolving credit facility due 2013 at B1, LGD3, 32%, $4.95 billion senior secured first-lien term loan B due 2014 at B1, LGD3, 32%, $600 million senior secured second-lien term loan due 2014 at Caa2, LGD5, 81% and $1.1 billion senior secured second-lien delayed draw term loan due 2014 at Caa2, LGD5, 81%.

Fitch said that confirmed ratings include the corporate family rating at B3 and probability of default rating at B3.

The outlook is negative.

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