Inmar, Inc. -- Moody's says Inmar's recent incremental debt issuance is credit negative, but no ratings impact

New York, November 10, 2016 -- Moody's Investors Service says Inmar, Inc.'s B2 Corporate Family Rating (CFR), B2-PD Probability of Default Rating, debt instrument ratings and stable rating outlook remain unchanged following the company's announcement that it plans to upsize its first lien term loan by $125 million. The company is also proposing a $10 million commitment increase and maturity extension for its existing $50 million revolver, which is currently set to expire in January 2019. Inmar will apply the proceeds from the proposed incremental facility to finance the acquisition of Collective Bias, Inc., repay borrowings under the revolver, and pay related fees and expenses. Pricing on the first lien term loan is expected to increase by 25bps to LIBOR plus 350bps, and the financial covenant thresholds for the revolver will be reset to accommodate the proposed increase in debt. All other terms and conditions are expected to remain substantially unchanged from the existing first lien credit agreement.

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