Moody’s rates OverDrive loans B2

Moody's Investors Service said it gave B2 ratings to Aragorn Parent Corp.'s (doing business as OverDrive) planned backed senior secured first-lien credit facilities consisting of a 4.5-year $70 million revolving credit facility due June 2028 and five-year $600 million term loan B due December 2028.

The company's other ratings including the B2 corporate family rating, B2-PD probability of default rating and stable outlook are not affected, the agency said.

The proceeds from the $600 million refinancing will be used to repay $597 million of the backed senior secured first-lien term loan B due 2025 and pay related transaction fees.

“The transaction is leverage neutral but Moody's views the transaction as credit positive as it extends the maturity profile,” the agency said in a press release.

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