Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers W > Headlines for Waterbridge NDB Operating LLC > News item |
Moody’s gives WaterBridge, loan B2
Moody's Ratings said it assigned ratings to WaterBridge NDB Operating LLC, including a B2 corporate family rating, a B2-PD probability of default rating and a B2 rating to the company's proposed $575 million senior secured first-lien term loan due 2029.
The outlook is stable.
WaterBridge will primarily use net proceeds from its proposed term loan to fully repay about $358 million in borrowings outstanding on its revolving credit facility and to acquire assets from D. K. Boyd.
Concurrent with the new term loan, the company will amend its revolving credit facility (unrated), reducing lender commitments to $100 million.
“WaterBridge NDB's ratings are supported by modest leverage, benefits from a strategic partnership with Devon Energy, increasing scale from acquired assets, and a growing EBITDA base,” Jonathan Teitel, a Moody's vice president and senior analyst, said in a news release.
© 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.