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Moody's gives TransDigm loan Ba3, debt Caa1
Moody's Investors Service said it affirmed the ratings, including the B2 corporate family rating and the B2-PD probability of default rating, of TransDigm, Inc.
Concurrently, the agency assigned a Ba3 rating to the company's proposed $625 million first-lien term loan D facility due 2021 and a Caa1 rating to the new $2.3 billion of subordinated debt.
The outlook remains stable.
Proceeds from the transaction will be used to finance a dividend of $1.4 billion and to refinance the existing $1.6 billion senior subordinated notes due 2018.
The ratings on the existing notes due 2018 and the revolving credit facility due 2015 are expected to be withdrawn upon completion of the transaction.
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