Moody’s rates Trico term loan B3

Moody’s Investors Service said it assigned a B3 rating to Trico Group, LLC’s first-lien incremental term loan and affirmed the B3 corporate family rating, B3-PD probability of default rating and the B3 senior secured rating.

Proceeds will fund the acquisitions of two aftermarket companies, which will increase revenue to more than $2 billion, pro forma for the 12 months ended March 31, the agency said.

“Following the acquisitions, Trico Group, LLC will be renamed to First Brands Group, LLC. Moody’s will refer to Trico Group, LLC, First Brands Group, LLC and its wholly owned subsidiaries collectively as ‘First Brands,’” Moody’s said in a press release.

The agency revised the outlook to stable from negative. “The stable outlook reflects Moody’s expectation for First Brands to continue to pursue operating efficiencies to sustain an EBITA margin in the mid-teens range and sustain leverage below 6x debt/EBITDA,” the agency said.

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