Moody's rates Clipper Ba1

Moody's Investors Service said it assigned a Ba1 corporate family rating to Clipper Acquisitions Corp., a Delaware corporation, established to fund the leveraged buyout of TCW Group, Inc. by Carlyle Group management from Societe Generale.

The agency said it assigned Ba1 ratings to a $50 million five-year revolving credit facility and to a $355 million seven-year senior secured term loan B that will be used by NewCo, the borrower, to complete the acquisition of TCW as well as to fund TCW's previously announced acquisition of Special Situations Funds group from Regiment Capital Advisors, LP.

The buyout of the TCW Group, Inc. is to be funded with term loan B proceeds and equity supplied by investment funds affiliated with Carlyle and TCW management. The outlook is stable.

Moody's said the Ba1 corporate family rating reflects TCW's well-recognized asset management brand driven by its strong fixed income franchise, expanding distribution platform and experienced management team.

© 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.