Moody's assigns Ancestry add-on B1

Moody's Investors Service said it assigned a B1 rating to Arches Buyer Inc.'s (Ancestry) planned $250 million incremental add-on to its $700 million first-lien senior secured notes.

Ancestry's all other ratings, including the B2 corporate family rating, the B1 rating on the first-lien credit facility, the B1 rating on the outstanding first-lien senior secured notes and the Caa1 rating on the senior unsecured notes remain unchanged because subsequent shareholder friendly transactions were expected over the medium term, followed by a period of deleveraging, Moody’s said

The add-on proceeds and balance sheet cash will be used to fund a $300 million distribution to its financial sponsors and pay transaction fees and expenses.

“Moody's notes that this sponsor-friendly transaction comes shortly after Ancestry paid approximately $500 million sponsor distribution in August 2021,” the agency said in a press release.

The outlook remains stable

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