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Moody’s gives TI Group loans Ba3, notes Caa1
Moody's Investors Service said it assigned TI Group Automotive Systems, LLC (new) corporate family and probability of default ratings of B2 and B2-PD, respectively.
In a related action, the agency assigned a Ba3 rating to the new senior secured cash flow revolving credit facility and term loan B and assigned a Caa1 to the new senior unsecured notes.
The outlook is stable.
Proceeds from the new term loan, along with about $140 million of cash on hand and $595 million of equity, will be used to finance the acquisition of TI Fluid Systems Ltd. (ultimate parent of TI Group) by affiliates of Bain Capital LLC from a number of investment funds.
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