Moody’s assigns FinCo I term loan Baa3

Moody’s Investors Service said it assigned a Baa3 rating to repriced and extended term loan B issued by FinCo I LLC. The amended term loan will be for $950 million, which represents a $96 million reduction from the current $1.05 billion outstanding.

The loan’s maturity will extend to June 27, 2025 from Dec. 27, 2022 and pricing will likely increase by 50 -75 basis points to Libor plus 250 bps to 275 bps.

“This transaction is credit positive because the debt paydown benefits leverage and the extended maturity provides more flexibility to weather coronavirus-induced economic and market uncertainties,” Moody’s said in a press release.

FinCo I LLC’s Baa3 issuer rating is unchanged, and the outlook remains negative, the agency said.

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