Moody’s rates Flight Bidco facilities B2, Caa2

Moody's Investors Service said it assigned a B3 corporate family rating and a B3-PD probability of default rating to Flight Bidco Inc.

Flight Bidco is a newly formed entity owned by Antin Infrastructure Partners to acquire OHCP Northeastern Fiber Buyer, Inc.

OHCP is the parent company of TVC Albany Inc., doing business as FirstLight Fiber.

Moody's also assigned a B2 (LGD3) rating to the Flight Bidco's proposed senior secured first-lien credit facility, comprised of a $375 million seven-year term loan B and a $55 million five-year revolver (undrawn at close), and a Caa2 (LGD6) rating to the proposed $90 million senior secured second-lien term loan.

In addition to the debt, Antin and management will contribute new and rolled equity to finance the purchase.

The outlook is stable.

The existing debt at OHCP's subsidiary, TVC Albany, will be repaid and its ratings withdrawn at deal closing, which is anticipated to be around September. At the close of the proposed transaction, Flight Bidco will be merged with and into OHCP.

Moody’s said the ratings assigned to Flight Bidco reflect its view of the end state capital structure of FirstLight following transaction close.

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