Moody's rates Service Logic first-lien loans B2

Moody's Investors Service said it assigned first-time ratings to Service Logic Acquisition, Inc., including a B3 corporate family rating and a B3-PD probability of default rating.

Moody's also assigned a B2 rating to the proposed $520 million first-lien senior secured term loan, $150 million first-lien senior secured delayed-draw term loan and $100 million revolving credit facility.

A $180 million second-lien senior secured term loan and $50 million second-lien senior secured delayed-draw term loan is also to be issued to partially finance the acquisition of Service Logic by Leonard Green & Partners, LP.

The outlook is stable.

“Service Logic's B3 CFR reflects the company's high leverage and event risk associated with an aggressive acquisition-driven growth strategy,” Moody’s said in a news release.

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