Moody’s raises Triple Point, loans

Moody's Investors Service said it upgraded Triple Point Group Holdings, Inc.'s debt ratings, including the corporate family rating to Caa1 from Caa2, probability of default rating to Caa1-PD from Caa2-PD and the senior secured first-lien revolving credit facility due 2018 and term loan due 2020 ratings to B3 from Caa1.

The senior secured second-lien term loan due 2021 rating was affirmed at Caa3.

The outlook is stable.

According to the company, on March 31, Atlas Topco, Inc., an indirect subsidiary of ION Investment Group made a $30 million cash equity investment in Triple Point. Proceeds were used to prepay a portion of the first-lien term loan at par.

Moody’s said the upgrade of the corporate family rating reflects the infusion of equity by ION and $30 million reduction of debt, leading the agency to expect reduced financial leverage and to anticipate ION's further support of the business. These factors diminish near-term default risk.

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