Moody’s assigns Tosca loan B2

Moody’s Investors Service said it assigned a B2 rating to Tosca Services, LLC’s proposed $526.5 million first-lien senior secured term loan due August 2027.

The new loan is a repricing of and amendment to the outstanding term loan. The new loan is expected to remain under the same credit agreement, but with a new cusip. The terms are expected to stay the same, except for a lower interest rate and the soft call reset. The B2 rating for the $526.5 million first-lien senior secured term loan due August 2027 under the old cusip will be withdrawn at the transaction’s close, Moody’s said.

Moody said it views the transaction as credit neutral since it is expected to slightly reduce total interest expense with little effect on overall credit metrics.

Tosca’s B2 corporate family rating and B2-PD probability of default rating are unchanged, the agency said.

The outlook is stable.

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