Moody’s gives Savage loan B1

Moody’s Investors Service said it assigned a B1 rating to Savage Enterprises, LLC’s new $1 billion senior secured first-lien term loan.

The proceeds will be used to refinance Savage’s $599 million senior secured bank credit facility, repay a $415 million seller note issued as part of the Bartlett acquisition and pay fees and transaction expenses. The rating on the company's $559 million facility will be withdrawn upon the transaction’s close.

Concurrently, the agency affirmed Savage’s B1 corporate family and B1-PD probability of default ratings.

The outlook remains stable.

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