World Triathlon Corporation -- Moody's says: World Triathlon Corporation's B2 rating not impacted by equity ownership change

New York, September 09, 2015 -- Moody's Investors Service said that World Triathlon Corporation's (WTC) B2 corporate family rating (CFR) will not be impacted by the pending change in its equity ownership. An affiliate of Chinese portfolio company Dalian Wanda has agreed to purchase the equity of WTC from Providence Equity Partners for $650 million plus the assumption of WTC's existing outstanding debt. The company plans to solicit a consent from lenders to waive the change of control covenant which governs the existing term loan facility and keep the existing debt financing in place through the close of the transaction. Moody's expects the transaction to be funded with cash from the new parent and total indebtedness of the rated issuer, World Triathlon Corporation, to remain unchanged as a result of this transaction. Therefore, WTC's ratings, including its B2 CFR, B2-PD probability of default rating and the B2 rating on the senior secured credit facility will remain unchanged as well. The outlook remains stable.

Vollständigen Artikel bei Moodys lesen