05.10.2016 23:39:00
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Portillo's Holdings, LLC. -- Moody's affirms Portillo's Holdings B3 CFR after announced debt increase to fund dividend
New York, October 05, 2016 -- Moody's Investors Service, ("Moody's") affirmed the ratings of Portillo's Holdings, LLC following the company's announcement that it intends to raise an incremental $96 million in debt to partially fund a $109 million dividend to its private equity owner (and pay fees and expenses). Ratings affirmed include Portillo's B3 Corporate Family Rating, B3-PD Probability of Default rating, B2 first lien senior secured bank facility rating and Caa2 second lien senior secured term loan rating. The rating outlook remains stable.