Moody’s assigns TI Group facilities B1

Moody’s Investors Service said it assigned a B1 rating to TI Group Automotive Systems LLC’s amended and extended senior secured credit facilities, including a $225 million revolving credit facility due 2024 and $1.3 billion senior secured term loans due 2024.

“The amended and extended senior secured credit facilities will extend the maturities of TI Group’s existing term loans to 2024 from 2022 and extend the maturity of the existing revolving credit to 2024 from 2023. The revolving credit facility’s commitment is also increased to $225 million from $125 million. Concurrent with the transaction TI Group’s existing $100 million asset-backed revolving credit facility is expected to be canceled,” Moody’s said in a press release.

TI Group’s corporate family and probability of default ratings are unaffected at B1, and B1-PD, respectively. The speculative grade liquidity rating remains SGL-3, Moody’s said.

The outlook is stable.

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