Moody's ups, rates Veritext loans, notes

Moody's Investors Service said it upgraded VT Topco, Inc.'s (Veritext) corporate family rating to B2 from B3 and probability of default rating to B2-PD from B3-PD and affirmed B2 and Caa2 senior secured ratings. Concurrently, Moody's assigned B2 ratings to the company's new debt instruments including the $720 million senior secured first-lien term loan maturing in 2030, $125 million revolving credit facility due 2028, and $720 million of senior secured notes due 2030.

“The CFR upgrade to B2 from B3 reflects Veritext's improved liquidity, extension of debt maturities, and Moody's expectations of prudent financial policies in the next 12-18 months. As part of the transaction, the company's $55 million revolving credit facility will be upsized to $125 million and fully available at close, significantly improving Veritext's external liquidity profile,” the agency said in a press release.

The outlook is stable.

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