Pinnacle Operating Corporation -- Moody's rates Pinnacle's proposed Notes, Affirms B2 CFR

New York, September 10, 2013 -- Moody's Investors Service affirmed Pinnacle Operating Corporation's (Pinnacle's) B2 Corporate Family Rating (CFR) and rated the proposed $300 million second lien notes Caa1. Moody's also raised the rating of the existing $350 million first lien term loan facility to B1 from B2 due to the uplift from an increase in structurally subordinated debt. Proceeds from the proposed second lien notes will be used to repay the existing $125 million second lien term loan, the outstanding borrowings under the ABL Revolver, and for general corporate purposes. Upon completion of the proposed refinancing, the rating on the second lien term loan will be withdrawn. As a result of the refinancing, the LGD assessment rates have changed as shown in the table below. The outlook is stable.

Vollständigen Artikel bei Moodys lesen