Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers W > Headlines for WorldStrides > News item |
Moody’s rates WorldStrides facilities B1
Moody's Investors Service said it assigned Lakeland Tours, LLC (WorldStrides) a B2 corporate family rating, B2-PD probability of default rating and a B1 rating to new first-lien credit facilities consisting of a $60 million revolving credit facility, a $425 million term loan facility and a $35 million delayed-draw term loan facility (contingent on completion of an acquisition).
The outlook is stable.
Proceeds, about $584 million of equity, and $100 million of subordinated seller paper (treated as debt), will be used to finance the acquisition of tour operator WorldStrides by Eurazeo and minority investor Primavera Capital Group.
“The B2 CFR reflects WorldStride's high initial leverage, mature demand for its core K-12 domestic service line, difficulty stabilizing revenue declines in its individual higher education service line and APAC operations, and potential for continued acquisition activity which could introduce integration difficulties or result in persistently high leverage levels if financed with additional debt,” Moody’s said in a news release.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.