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Moody’s rates TI Group facilities B1
Moody's Investors Service said it revised TI Group Automotive Systems, LLC's outlook to positive from stable and affirmed its long-term ratings, including the B1 corporate family rating and B1-PD probability of default rating.
In a related action, the agency assigned a B1 rating to TI Group's new amended and extended senior secured credit facilities, which will refinance the existing senior secured facilities and extend the maturity profile.
Included in the amended and extended senior secured credit facilities is an upsized term loan. The upsized amount of $175 million, along with cash on hand, will be used to redeem the company's $221 million 8¾% senior unsecured notes due 2023.
The speculative grade liquidity rating was affirmed at SGL-2.
Moody’s said the company is anticipated to continue its good liquidity profile over the next 12 to 15 months supported by cash balances, free cash flow generation, and availability under the revolving credit facilities.
As of Dec. 31, 2017, TI Automotive had about €287 million of cash on hand.
The agency expects free cash flow over the next 12 to 15 months in the 10% range as a percentage of adjusted debt, with gradually improving operating performance.
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