Empire Today, LLC — Moody’s assigns B2 CFR to Empire Today; term loan rated B2

Rating Action: Moody’s assigns B2 CFR to Empire Today; term loan rated B2Global Credit Research – 10 Mar 2021New York, March 10, 2021 — Moody’s Investors Service, (“Moody’s”) today assigned Empire Today, LLC (“Empire) a B2 corporate family rating and a B2-PD probability of default rating. In addition Moody’s also assigned a B2 rating to the company’s proposed $410 million senior secured term loan. The outlook is stable. Proceeds from the proposed new term loan will be used to refinance existing debt and pay a dividend to the sponsor, H.I.G Capital. Ratings are subject to receipt and review of final documentation.Assignments:..Issuer: Empire Today, LLC…. Corporate Family Rating, Assigned B2…. Probability of Default Rating, Assigned B2-PD….Senior Secured Term Loan, Assigned B2 (LGD4)Outlook Actions:..Issuer: Empire Today, LLC….Outlook, Assigned StableRATINGS RATIONALEThe B2 corporate family rating reflects Empire’s small scale in a highly competitive business environment with very large and well capitalized competitors and its high leverage. It also reflects the discretionary nature of the company’s products, as well as its high susceptibility to macroeconomic factors. Governance is also a key rating factor particularly Empire’s financial strategies under private equity ownership which increases the risk of leveraging events. The company is owned by H.I.G Capital who is taking approximately $250 million in a debt financed dividend as part of the proposed…