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Moody’s rates Royal Holdings loans B1, Caa1
Moody's Investors Service said it assigned Royal Holdings, Inc. (New) a B2 corporate family rating, B1 first-lien senior secured ratings and Caa1 second-lien senior secured ratings.
The outlook is stable.
The ratings were assigned in connection with proposed financing to help fund American Securities' purchase of Royal for an undisclosed sum in a sponsor-to-sponsor transaction with existing owner Arsenal Capital.
"The transaction will increase debt significantly, but the underlying business is performing well and credit metrics should improve to more appropriate levels well inside an 18 month horizon," Ben Nelson, Moody's assistant vice president and lead analyst for Royal, said in a news release.
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