Moody’s assigns B2 to Vertex

Moody’s Investors Service said it assigned a B2 rating to an amended $323 million first-lien term loan of Vertex Aerospace Services Corp.

“The B2 rating that has been assigned to the term loan due 2027 reflects its preponderance within the company’s debt structure. The term loan will hold a second lien on the collateral backing Vertex’s $75 million asset-based revolver including accounts receivable, cash and deposit accounts and will hold a first lien on remaining assets including a pledge of equity in the borrower and subsidiaries,” Moody’s said in a press release.

All other ratings, including the B2 CFR, are unchanged and the rating outlook continues unchanged at stable, Moody’s said.

“Through the amendment Vertex will re-price its first-lien term loan and extend the loan’s maturity by two years to 2027,” the agency said.

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