Moody’s assigns Revint, loan B3

Moody’s Investors Service said it assigned new ratings to Revint Intermediate II, LLC, including a B3 corporate family rating, B3-PD probability of default rating and a B3 instrument rating to the senior secured first-lien credit facilities, comprising a $75 million revolver and a $630 million term loan.

Term loan proceeds plus $120 million of incremental equity from the current private equity sponsor will be used to refinance debt at Revint, pay transaction expenses, acquire Triage Consulting Group and add cash to the balance sheet.

The B3 CFR reflects the combined company’s small, sub-$300 million revenue scale and roughly 6.5 times opening pro forma Moody’ s-adjusted debt-to-EBITDA leverage. “(In our leverage calculation, Moody’s expenses software development costs that Revint capitalizes. Without that reduction in EBITDA, opening leverage would be 5.9 times.),” Moody’s said in a press release.

The outlook is stable.

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