Moody’s assigns Red Ventures loan B1

Moody’s Investors Service said it assigned a B1 rating to Red Ventures LLC’s planned $850 million senior secured term loan and revised the outlook to positive from stable.

The agency also affirmed its B1 ratings on Red Ventures and its outstanding senior secured first-lien term loan and revolver.

The new term loan B combined with borrowings under the revolving credit facility will be used to repay the $1.2 billion outstanding term loan due November 2024. The planned term loan will be issued by the same borrower/co-borrower entities, secured by the same collateral package, and guaranteed by the same guarantors as the 2024 term loan and revolver.

“The outlook revision to positive reflects Moody's view that Red Ventures will increase EBITDA, demonstrate improved credit protection measures and disciplined financial policies, and generate close to $200 million of FCF in 2023 following substantial deleveraging of the balance sheet,” the agency said in a press release.

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