Moody’s assigns ALM Media loans B2, Caa2

Moody's Investors Service said it assigned WPLM Acquisition Corp. (aka ALM Media, LLC) a B3 corporate family rating and a B3-PD probability of default rating.

The agency assigned B2 ratings to the proposed $215 million first-lien term loan and $22.5 million revolving credit facility and a Caa2 rating to the $50 million second-lien term loan.

The outlook is stable.

Proceeds will be used to fund the purchase of the company by Wasserstein & Co., repay outstanding debt and pay transaction fees.

Moody’s said the ratings receive support from ALM's strong position in the legal media business that has been less cyclical than other industries and the value of the content and data provided by the firm.

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