Blue Eagle Holdings III, L.P -- Moody's assigns B3 CFR to Blue Eagle Holdings III (Enterprise OLS); outlook stable

New York, October 14, 2015 -- Moody's Investors Service assigned Blue Eagle Holdings III, L.P. ("Enterprise OLS") a first-time B3 Corporate Family Rating (CFR) and a B3-PD Probability of Default Rating. Moody's also assigned a B2 rating to Enterprise OLS' proposed $600 million of first lien credit facilities and a Caa2 rating to its $100 million of second lien term loan facility. The rating outlook is stable. The proceeds from the credit facilities, along with $234 million of equity, will be used to finance the $750 million acquisition of the Operations and Commerce Services business units of eBay Inc.'s enterprise segment by funds affiliated with Sterling Partners and Longview Asset Management. The acquired operations will be merged with Innotrac Corporation, a company owned by Sterling Partners, to create Enterprise OLS, a provider of outsourced ecommerce services. The businesses acquired from eBay Inc. will comprise the bulk of the combined company's revenues and adjusted EBITDA.

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