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Moody's assigns West loan Ba3, notes B3
Moody's Investors Service said it assigned a Ba3 rating to West Corp.'s proposed extension of $500 million of its senior secured term loan B, a Ba3 to its proposed extension of its $250 million amended revolving credit facility, and a B3 rating to the proposed offering of $500 million of senior unsecured notes.
Concurrently, Moody's said it affirmed the B2 corporate family rating, the B2 probability of default rating and the SGL-2 speculative-grade liquidity rating.
The outlook is stable.
The proposed extension of the credit facility is contingent upon the closing of the senior note offering, the agency said, noting that the proposed term loan extension will extend the maturity date on $500 million of currently outstanding term loan B to 2016 from 2013.
Proceeds from the $500 million offering of senior unsecured notes are expected to be used to repay an additional $500 million of term loan B due in 2013, Moody's said.
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