Moody’s rates Synamedia loans B3

Moody’s Investors Service said it rated Synamedia Americas Holdings, Inc.’s planned $390 million guaranteed senior secured first-lien term loan due 2029 and $50 million guaranteed senior secured first-lien revolving credit facility due 2027.

The agency also affirmed Triton UK Midco Ltd.'s (Synamedia) B3 corporate family rating and B3-PD probability of default rating.

“The B3 rating on the company's new guaranteed senior secured first-lien term loan due 2029 and guaranteed senior secured first-lien RCF due 2027 reflects their pari passu ranking and the absence of any significant liabilities ranking ahead or behind. The credit facilities benefit from guarantees from all material subsidiaries of Synamedia and are secured over most of the tangible and intangible assets of the group,” Moody’s said in a press release.

Synamedia is looking to refinance its debt which is composed of a $305 million senior secured term loan due 2024, with $266.5 million outstanding as of December, and a $100 million second-lien senior secured term loan due 2026. The new revolver is expected to be undrawn at close.

The outlook is stable.

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