Moody’s rates Excel Fitness, loan B3

Moody’s Investors Service said it assigned a B3 rating to Excel Fitness Holdings, Inc. and the company’s proposed first-lien bank credit facilities. The agency also assigned a B3-PD probability of default rating.

Proceeds from the planned $260 million term loan will be used to refinance the company’s debt, pay a $123 million distribution to shareholders and pay related fees and expenses.

Excel Fitness also is raising a $10 million five-year revolver, which is rated B3.

The B3 ratings mirror the company’s size, high leverage and modest interest coverage, Moody’s said.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.