Moody’s gives Ryan, facilities B2

Moody's Investors Service said it assigned Ryan, LLC a B2 corporate family rating a B2-PD probability of default rating and a B2 rating to Ryan's planned senior secured firs- lien credit facilities. The outlook is stable.

“The B2 CFR reflects Ryan's short history of operating at its currently-approaching $1 billion revenue size, its narrow service offering and its aggressive financial strategies, including for debt-funded acquisitions. The rating also reflects potential revenue and earnings volatility due to the transactional nature of Ryan's business model,” the agency said in a press release.

Moody’s said it expects aggressive financial strategies from Ryan, notably using debt proceeds to complete multiple acquisitions over the next several years.

The proceeds of the planned $225 million revolver expiring 2028, $950 million term loan maturing 2030 and $190 million delayed-draw term loan maturing 2030 will be used to refinance indebtedness, add cash to the balance sheet, fund future acquisitions and pay transaction-related fees and expenses. The company plans to use about $95 million of cash to fund two acquisitions for which it has submitted letters of intent to purchase. The delayed-draw term loan is available to fund additional acquisitions.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.