Moody’s assigns B3 rating to Spectacle Gary facility

Moody’s Investors Service said it assigned to Spectacle Gary Holdings, LLC’s proposed $360 million first-lien senior secured credit facility comprised of a $10 million five-year revolving credit facility (undrawn at close), a $325 million six-year senior secured term loan, and a $25 million six-year delayed draw term loan.

Moody’s also assigned B3 corporate family and B3-PD probability of default ratings to the company.

“The B3 rating assigned to Spectacle’s $360 million credit facility is the same as the company’s B3 corporate family rating given that the debt will comprise almost all of its pro forma capital structure,” said Moody’s in a press release.

The outlook is stable

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