Moody's: TransUnion loan Ba3

Moody's Investors Service said it assigned a Ba3 rating to TransUnion Corp.'s proposed $950 million senior secured term loan.

The agency also said it affirmed all of its other ratings, including the B1 corporate family rating.

The proceeds will be used to refinance the existing $945 million senior secured term loan, Moody's said.

The new term loan will eliminate financial maintenance covenants, reduce interest costs by potentially $10 million a year and extend the maturity date from June 2017 until February 2018, the agency said.

In conjunction with the refinancing, some or all of the revolver will have its maturity date extended from June 2015 until February 2016 and will be subject only to a senior secured net leverage ratio covenant.

The ratings reflect TransUnion's high pro-forma leverage of more than 5x arising from the leveraged buyout transaction in June 2010 in which Madison Dearborn Partners, LLC acquired a 51% equity stake, Moody's said.

The ratings also consider its concentrated business profile, the agency said, but are supported by the company's strong market position.

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