Moody’s rates Toys 'R' Us DIP facilities Baa3, Ba2

Moody's Investors Service said it assigned ratings to four debtor-in-possession credit facilities of affiliated entities of Toys 'R' Us, Inc.

The agency assigned Toys 'R' Us-Delaware, Inc.’s $1.85 billion DIP ABL revolving credit facility and $450 million DIP ABL FILO credit facility at Baa3 and its $450 million DIP term loan at Ba2

Moody’s also gave a Ba3 rating to TRU Taj LLC’s $375 million DIP notes.

Facility proceeds will be used to refinance certain pre-petition debt at various affiliated entities of Toys ‘R’ Us (total pre-petition debt is about $5.625 billion), as well as fund the company through the Chapter 11 process.

Toys ‘R’ Us and various subsidiaries and affiliates filed for Chapter 11 bankruptcy on Sept. 18. Moody's withdrew all ratings following the filing.

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