Moody’s rates Vista Outdoor notes Ba3

Moody's Investors Service said it assigned a Ba2 corporate family rating to Vista Outdoor, Inc. and a Ba3 rating to its $300 million senior unsecured notes.

The agency also assigned an SGL-1 speculative grade liquidity rating.

The outlook is stable.

"Proceeds from the notes together with revolver borrowings and cash on hand will be used to fund Vista's $412.5 million acquisition of CamelBak and $40 million acquisition of Jimmy Styks announced last month," Moody’s senior credit officer Kevin Cassidy said in a news release.

The Ba3 rating on the senior unsecured notes is one notch lower than the Ba2 corporate family rating. The notes are guaranteed by the company's domestic operating subsidiaries. The Ba3 rating reflects Vista’s structural subordination to the unrated secured credit facility ($350 million term loan and $400 million revolver).

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