Moody's rates Travel Leaders loans B1

Moody's Investors Service said it assigned a B1 rating to Travel Leaders Group's proposed $15 million first-lien revolver due 2018 and $170 million first-lien term loan due 2019.

At the same time, the agency assigned the company a B2 corporate family rating and a B3-PD probability of default rating.

Proceeds from the term loan offering will be used to recapitalize the company's ownership structure, as well as to repay existing debt.

The outlook is stable.

Moody's said the facilities are rated B1, which is one notch above the corporate family rating, as this class of debt comprise all of the company's senior secured liabilities considered under Moody's Loss Given Default methodology, and is ranked above the company's unsecured non-debt liabilities per this methodology.

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