Moody’s assigns Liftoff, loans B2

Moody’s Investors Service said it assigned a B2 corporate family rating and B2-PD probability of default rating to Liftoff Mobile, Inc. in connection with its pending buyout. Moody’s also assigned a B2 instrument rating to the proposed first-lien senior secured debt instruments, five-year revolver and seven-year term loan.

“Liftoff’s B2 CFR reflects the company’s leading position as a mobile marketing platform diversified across several industry sectors. Moody’s expects Liftoff will maintain double-digit percentage top-line growth, supported by favorable growth trends for mobile advertising, with adjusted EBITDA margins in the mid-teen percentage range and good free cash flow conversion,” the agency said in a press release.

Proceeds plus new equity from funds associated with Blackstone Group LP will be used to fund the purchase of a majority investment in Liftoff as well as pay transaction fees.

The outlook is stable.

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