Moody's assigns Spectrum Group, loans B1

Moody's Investors Service said it assigned B1 ratings to Spectrum Group Buyer, Inc. and its first-lien credit facilities, including a $60 million senior secured revolving credit facility due in 2027 and a $507 million senior secured term loan due in 2029.

Funds affiliated with H.I.G. Capital will use the term loan proceeds and an equity contribution to acquire Pixelle Specialty Solutions, LLC from Lindsay Goldberg LLC. The acquisition is expected to close in May 2022. Moody's will withdraw Pixelle Specialty Solutions’ ratings after the transaction closes.

"Higher pro forma leverage as a result of the increased balance sheet debt should return below 4x by the end of the year on expected earnings improvement, supporting the B1 rating," said Anastasija Johnson, senior analyst at Moody's Investors Service, in a press release.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.