New York, March 30, 2016 -- Moody's Investors Service ("Moody's") assigned a B2 Corporate Family Rating (CFR) and a B2-PD Probability of Default Rating (PDR) to Explorer Holdings, Inc. ("Explorer," initially " Goldcup Merger Sub, Inc.") following the announcement of its leveraged buyout. Goldcup Merger Sub, Inc. is an acquisition vehicle that will be merged with and into Explorer Holdings, Inc. upon closing of the transaction, with Explorer Holdings, Inc. being the surviving entity and obligor under the new capital structure. Concurrently, Moody's assigned B1 ratings to the company's proposed $45 million first lien revolver and $495 million first lien term loan. The rating outlook is stable.

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