Moody’s rates Ambrosia loans B3, Caa2

Moody's Investors Service said it assigned a B3 rating to Ambrosia Buyer, Corp.'s proposed $560 million first-lien senior secured term loan, a B3 rating to the $25 million delayed-draw first-lien senior secured term loan, and a Caa2 rating to the $235 million second-lien senior secured term loan.

In addition, the agency assigned Ambrosia a B3 corporate family rating and B3-PD probability of default rating.

The outlook is stable.

Proceeds from the proposed $795 million in senior secured bank facilities, along with a $150 million guaranteed senior secured asset based loan facility (unrated, undrawn at close) and about $560 million of common equity contributed by Centerbridge Partners, LP, TriMark management, and other investors will be used to fund the acquisition of TMK Hawk Topco, Corp. (TriMark).

The $25 million delayed-draw first-lien term loan facility will be available for up to six months after the closing date to make permitted acquisitions and other similar investments under the terms of the credit agreement.

Upon successful completion of the acquisition, Ambrosia through a series of downstream mergers, will merge with and into TMK Hawk, which will be the surviving entity and the corporate family rating will be moved accordingly.

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