Gates Global LLC -- Moody's assigns B3 Corporate Family Rating to Gates Global LLC

New York, June 05, 2014 -- Moody's Investors Service assigned ratings to Gates Global LLC (Gates) - Corporate Family and Probability of Default ratings at B3 and B3-PD, respectively. Gates will be the intermediate parent holding company for the operations of the Gates businesses following its acquisition by affiliates of the Blackstone Group, LLC. In a related action Moody's assigned B2 ratings to Gates' senior secured bank credit facilities, and assigned a Caa2 rating to the senior unsecured notes. The transaction will be funded with $2.8 billion of senior secured term loans, $1.4 billion of senior unsecured notes, and $1.6 billion of equity. The rating outlook is stable.

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