Guitar Center Inc. -- Moody's rates Guitar Center's proposed sr secured notes B3, proposed sr unsecured notes Caa2

New York, March 25, 2014 -- Moody's Investors Service today rated Guitar Center Inc.'s proposed $615 million senior secured first lien notes at B3 and its proposed $325 million senior unsecured notes at Caa2. Moody's also revised Guitar Center's Probability of Default Rating to Caa2-PD/LD. The LD (Limited Default) indicator reflects the pending exchange of Guitar Center's $435 million senior unsecured holdco notes and $100 million of its senior unsecured notes into preferred stock which Moody's views as a distressed exchange. The debt to equity conversion will occur upon the closing of the proposed senior secured and senior unsecured notes.

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