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Moody's rates NewWave loans B2, Caa2
Moody's Investors Service said it assigned a B3 corporate family rating and B3-PD probability of default rating to Telecommunications Management, LLC (NewWave).
Moody's also assigned a B2 rating to its proposed first-lien credit facility and a Caa2 rating to its proposed second-lien facility.
The outlook is stable.
The transaction consists of a $15 million first-lien revolver, a $140 million first-lien term loan and a $66 million second-lien term loan.
Proceeds, together with cash equity from affiliates of GTCR LLC, will fund the acquisition of NewWave from its existing owner, Pamlico Capital.
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