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Moody’s rates American Trailer loans B3
Moody’s Investors Service said it assigned a B3 to American Trailer World Corp.’s new $750 million senior secured first-lien term loan and a B3 to the new $65 million senior secured first-lien revolving credit facility.
The new loan due 2028 will be used to repay the $670 million of senior secured notes and provide about $50 million of additional cash to the balance sheet after transaction costs. The transaction will also result in $80 million in added funded debt, but will lower cash interest expense by about $20 million a year, Moody’s said.
“The new senior secured debt instruments rank behind the company’s asset-based lending (ABL) facility, which will be downsized to $155 million from $225 million upon the closing of the transaction,” the agency said in a press release.
Ratings on the outstanding senior secured notes will be withdrawn upon closing of the transaction.
The outlook remains stable.
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