Bellisio Foods, Inc. -- Moody's Downgrades Bellisio's Senior Secured Credit Facility Ratings to B2; Affirms CFR

New York, July 24, 2013 -- Moody's Investors Service today downgraded the ratings to B2 from B1 on Bellisio Foods, Inc.'s (Bellisio) newly proposed senior secured credit facilities, consisting of a $30 million revolver, a $162 million term loan, $20 million CAD term loan and up to $133 million delayed draw term loan (DDTL). Concurrently, Moody's affirmed the company's Corporate Family Rating and Probability of Default rating at B2 and B2-PD, respectively. The downgrade of the proposed credit facility instrument ratings was prompted by a change in the proposed capital structure whereby $25 million of unrated mezzanine notes will now be repaid concurrent with the closing of this financing. The repayment reflects a material reduction of subordinated debt cushion that was provided by the mezzanine notes.

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