Moody's assigns Twin River Worldwide add-on Ba2

Moody's Investors Service said it assigned a Ba2 rating to Twin River Worldwide Holdings, Inc.'s $275 million add-on to the company's $298 million outstanding term loan B due 2026.

Twin River will use the proceeds to fund the recently announced acquisition of three casinos as well as provide an added $75 million of liquidity in cash. Twin River also announced it obtained substantial covenant relief from its lenders.

Moody's affirmed the company’s B2 corporate family rating, B2-PD probability of default rating, Ba3 senior secured bank loan rating and Caa1 senior unsecured bond rating.

The company's SGL-2 speculative grade liquidity rating and negative outlook remain unchanged.

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