Harland Clarke Holdings Corp. -- Moody's says Harland Clarke's upsize of term loan does not affect the ratings

New York, January 27, 2014 -- Moody's said Harland Clarke Holdings Corp.'s (Harland Clarke) upsize of the term loan B3 from $500 million to $600 million and downsize of the senior unsecured notes from $590 million to $540 million will not impact its B2 Corporate Family Rating. The B1 ratings are unchanged on the term loan B2, B3, senior secured notes due 2018, and proposed senior secured notes due 2020, but the LGD point estimates change from LGD3 39% to 41%. The Caa1 rating on the proposed $540 million senior unsecured notes is unchanged but the point estimates change from LGD5 89% to LGD6 91% reflecting the increased amount of secured debt ahead of it in the capital structure.

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