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Moody's confirms X-Rite, rates loans Ba3, B3
Moody's Investors Service said it confirmed X-Rite, Inc.'s B1 corporate family rating, affirmed the speculative-grade liquidity rating of SGL-1 and revised the outlook to negative in view of the additional leverage and integration risk associated with the company's recently announced acquisition of Pantone, Inc.
The agency said that this concludes the review for possible downgrade that was initiated in August.
Simultaneously, Moody's said it assigned ratings to X-Rite's new bank credit facilities, which consist of a $250 million first lien term loan (rated Ba3), $40 million first lien revolver (Ba3) (undrawn at closing) and $125 million second lien term loan (B3).
Net proceeds will be used to refinance the existing credit facilities and fund X-Rite's purchase of Pantone for $180 million, the agency said.
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