ABB/CON-CISE Optical Group LLC -- Moody's affirms ABB Concise B3 CFR; rates proposed credit facilities; outlook is stable

New York, June 01, 2016 -- Moody's Investors Service ("Moody's") today assigned a B1 (LGD 2) rating to ABB/Con-Cise Optical Group LLC's ("ABB Concise") proposed first lien senior secured credit facilities, including a $100 million senior secured revolver and a $350 million senior secured term loan. Moody's also assigned a Caa2 (LGD 4) rating to the company's proposed $160 million 2nd lien senior secured term loan. The proceeds from the facilities will be used to refinance the company's existing debt, pay a dividend to majority shareholder New Mountain Capital LLC, and pay transaction fees and expenses. At the same time, Moody's affirmed ABB Concise's existing ratings, including its B3 Corporate Family Rating ("CFR"). The Probability of Default Rating was also affirmed at B3-PD. The ratings on the company's existing debt will be withdrawn at the close of the transaction. The rating outlook is stable.

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