Moody’s gives Priority loans B2

Moody’s Ratings said it assigned B2 ratings to Priority Holdings, LLC’s planned $790 million senior secured first-lien term loan B due 2031 and $70 million senior secured first-lien revolving credit facility due 2029.

Concurrently, the agency affirmed Priority’s B2 corporate family rating, B2-PD probability of default rating and B2 senior secured first-lien bank credit facilities. The outlook remains stable, and the speculative grade liquidity rating remains unchanged at SGL-1.

The term loan and about $3 million of balance sheet cash, will be used to retire the outstanding term loan, redeem $125 million from the $280 million in preferred equity, bringing the balance to $155 million, and cover about $16 million in estimated fees and expenses.

The outlook is stable.

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