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Moody's assigns B2 to NCR Atleos notes
Moody's Investors Service said it assigned a B2 rating to NCR Atleos LLC's planned $1.05 billion of senior secured notes due 2030, being used as part of the company's spinoff from NCR Corp.
“There are no changes to the recently assigned B2 corporate family rating (CFR), B2-PD probability of default rating (PDR), or B2 senior secured bank credit facility rating, or to the positive outlook,” the agency said in a press release.
The proceeds and the previously launched senior secured term loans, totaling $2.935 billion of funded debt, will be used, net of transaction costs, to make a distribution to NCR, from which NCR Atleos is separating in the fourth quarter of this year.
NCR will use the proceeds, along with the incurrence of other debt, to repay its $500 million of 5¾% senior notes due 2027, its 6 1/8% $500 million of senior notes due 2029, and all outstanding loans under its senior secured credit facility, with about $2.155 billion outstanding at June 30.
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