Moody's rates TriMark loans B3, Caa2

Moody's Investors Service said it assigned a B3 corporate family rating and a B3-PD probability of default rating to TMK Hawk Parent, Corp. (TriMark), a B3 (LGD4) rating to its proposed $250 million guaranteed first-lien senior secured term loan and a Caa2 (LGD5) rating to its proposed $105 million guaranteed second-lien senior secured term loan. The outlook is stable.

Proceeds from the proposed loans, a $100 million guaranteed senior secured asset-based loan facility not rated by Moody’s and common equity contributed by Warburg Pincus and TriMark management will be used to fund the acquisition of TriMark.

The agency said the B3 corporate family rating reflects TriMark's modest scale based on revenues, ongoing acquisition strategy and high financial leverage as well as revenue concentration.

The ratings are supported by TriMark's relatively steady and recurring revenue stream of some product lines, low capex requirements and adequate liquidity, the agency said.

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