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Moody's rates TDS Investor loans B1, notes B3, Caa1
Moody's Investors Service said it assigned a first-time corporate family rating of B2 to TDS Investor Corp. as part of its buyout from Cendant Corp. and assigned B1 ratings to secured facilities comprised of a $275 million revolving credit facility, a $125 million synthetic letter-of-credit facility and a $2.2 billion term loan facility.
Moody's also assigned a B3 rating to TDS Investor's $900 million senior notes, a Caa1 rating to its $500 million subordinated notes and a speculative grade liquidity rating of SGL-2.
The outlook is stable.
At the time of the closing of the buyout, $3.6 billion of debt will be drawn and, along with $900 million of sponsor equity, will finance the proposed $4.3 billion buyout of TDS Investor from Cendant and related fees and expenses.
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