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21.05.2013 23:55:00
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School Specialty, Inc. -- Moody's affirms School Specialty's B3 CFR despite term loan upsizing; revises outlook to negative
New York, May 21, 2013 -- Moody's Investors Service today has affirmed the B3 Corporate Family Rating ("CFR") and B3-PD Probability of Default Rating to School Specialty, Inc. ("School Specialty"). Concurrently, Moody's affirmed the Caa1 rating on the company's proposed $145 million senior secured term loan which has been upsized from $125 million. Incremental proceeds from the upsized term loan are expected to fund a higher cash payment to the company's existing debtor-in-possession ("DIP") facilities. The outlook has been revised to negative.
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