Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers T > Headlines for Topps Co., Inc. > News item |
Moody's gives Topps CFR B2, loans B1
Moody's Investors Service said it assigned Topps Co., Inc. a B2 corporate family rating, a B3-PD probability of default rating and assigned B1 (LGD2, 29%) ratings to its proposed $150 million first-lien term loan and $25 million revolving credit facility.
The proceeds will be used to refinance existing debt and for general corporate purposes.
The outlook is stable.
Moody's said the B2 corporate family rating reflects Topps' good geographical diversification, leading position in the sports card market and stable results from its confectionery business. It also reflects the company's positive free cash flow, very good liquidity, modest segment diversification, and moderate credit metrics for a speculative grade issuer.
The agency expects leverage to fall from its current level in the mid 5 times range pro forma for the transaction to the low-to mid- 4 times range and that revolving credit facility to net debt will approach 20% in the next 12 to 18 months.
© 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.