Moody’s assigns B2 to Teneo loans

Moody’s Investors Service said it assigned B2 ratings to Teneo Holdings LLC's planned backed senior secured first lien bank credit facilities.

The agency also affirmed Teneo’s B2 corporate family rating and B2-PD probability of default rating. “The B2 rating assigned to the proposed senior secured first lien credit facility (consisting of a $90 million revolver expiring 2029 and a $690 million term loan due 2031) is in line with the B2 CFR and reflects its position as the vast majority of debt in the capital structure,” Moody’s said in a press release.

Teneo will use the term loan to refinance debt, pay fees and expenses for the loans and add cash to the balance sheet.

The outlook is stable.

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