Moody’s gives B2 to I-Logic notes

Moody's Investors Service said it gave a B2 rating to I-Logic Technologies Bidco Ltd.'s planned $350 million of senior secured notes due 2028. Acuris Finance US, Inc. and Acuris Finance Sarl will be the notes’ co-borrowers.

All other ratings, including I-Logic's B2 corporate family rating and stable outlook are unchanged, the agency said.

“The B2 rating on the proposed $350 million senior secured notes is in line with the B2 CFR and the B2 rating on the senior secured bank credit facility, which consists of a revolver and two term loans denominated in USD and Euro tranches. The proposed notes rank pari passu with the credit facility and have the same guarantors,” Moody’s said in a press release.

The proceeds will be used to refinance a portion of the company's first-lien term loans, fund general corporate purposes, and pay transaction fees and expenses.

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