Moody’s rates West loans Ba3

Moody’s Investors Service said it assigned a Ba3 (LGD 3) rating to West Corp.’s $1.2 billion of new senior secured term loan facilities and $300 million revolving credit facility.

West’s B1 corporate family rating, Ba3 and B3 ratings on its existing senior secured and senior unsecured debt and SGL-1 speculative grade liquidity rating are unchanged.

The outlook is stable.

The proceeds will be used to refinance existing senior secured term loans, Moody’s said.

The proposed transactions will extend the debt maturities of term loans and are leverage-neutral, the agency added.

The ratings reflect the company’s high financial leverage of 5.1x and an expectation for modest revenue growth of about 1% to 2% over the next 12- to 18-months, Moody’s said.

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