Moody’s gives Tunnel Hill loans B2

Moody's Investors Service said it assigned MIP IV Boomerang MergerSub, LP (Tunnel Hill Partners LP) a B2 corporate family rating and B2-PD probability of default rating.

At the same time, the agency assigned B2 ratings to the company’s proposed first-lien senior secured revolving credit facility and first-lien senior secured term loan.

The outlook is stable.

Moody’s said the assignments follow the company's plan to raise $350 million of new senior secured debt, including a $75 million first-lien revolving credit facility and a $275 million first-lien term loan, to help fund the $590 million leveraged buyout of Tunnel Hill by private equity sponsor Macquarie Infrastructure Partners.

The agency said the ratings reflect the company’s small scale and niche focus as a waste-by-rail provider operating primarily in the Northeast United States.

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