Moody’s assigns Ankura B3

Moody’s Investors Service said it gave Ankura Consulting Group, LLC the following first-time ratings: B3 corporate family rating and B3-PD probability of default rating.

Moody’s also assigned a B2 instrument rating to the proposed first-lien senior secured credit facilities, including a $465 million term loan and a $75 million revolving facility and Caa2 instrument rating to the planned $150 million second-lien senior secured term loan.

The B3 CFR reflects Ankura’s market positive, diversified and highly specialized practices, its model and relatively stable EBITDA margin, the agency said.

“Using Moody’s loss given default for speculative-grade companies (LGD) methodology, the PDR of B3-PDR is in line with the B3 CFR based on a 50% recovery rate. The first-lien TLB and RCF are rated B2, one notch higher than the CFR, reflecting the first-lien position in the capital structure. The second-lien TLB is rated Caa2 and this rating reflects its junior position in the capital structure and first-loss feature,” Moody’s said in a press release.

Proceeds are expected to be used to refinance debt, pay fees and expenses and add to balance sheet cash.

The outlook is stable.

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