For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on for the most updated credit rating action information and rating history. The accelerating pace of Cast & Crew's acquisition strategy, and Moody's expectation of additional debt financed purchases of assets within Backstage's market niche, present incremental corporate governance concerns with respect to more aggressive financial strategies.For further information, please see the Cast & Crew page at & Crew, owned by affiliates of private equity sponsor EQT, is a provider of technology-enabled payroll processing, production accounting software, workers' compensation coverage, and related value-added services to clients across the entertainment industry.This publication does not announce a credit rating action. The acquisition of Backstage, which primarily offers subscription-based marketplace services for freelancers and creators in the entertainment and creative industries, adds scale and extends Cast & Crew's product capabilities beyond its core payroll processing and related value-added services. The TEAM transaction was predominantly financed with the net proceeds of a $250 million incremental first lien term loan. Therefore, the ratings, including the B3 corporate family rating ("CFR") and B2 senior secured first lien instrument ratings, as well as the stable outlook, are not affected at this time.Backstage is Cast & Crew's second leveraging acquisition in recent months, following the November 2021 purchase of The Team Companies ("TEAM"), a smaller competitor focused particularly on payroll processing services in the advertising, live events, and music segments of the entertainment sector. Additionally, Moody's expects the company to sustain healthy cash flow trends (exclusive of unusual working capital fluctuations such as deferred Social Security payments). However, Moody's expects Cast & Crew's revenues and EBITDA will expand organically at a solid pace over the coming 12 months, resulting in debt-to-EBITDA contracting to more moderate levels. She also volunteers with Project Sunshine and is a mentor to an area high school student via Futures & Options.Announcement: Moody's says Cast & Crew's debt financed acquisition raises already high leverage, a negative credit developmentGlobal Credit Research - B3 CFR, B2 1st lien ratings and stable outlook are unaffectedNew York, Febru- Moody's Investors Service ("Moody's") said Cast & Crew LLC's ("Cast & Crew") announced plan to purchase Backstage Holdings ("Backstage") financed in part with $134 million of balance sheet cash and the net proceeds of a proposed $225 million add-on to its existing senior secured first lien term loan due February 2026 raises already high debt-to-EBITDA and is therefore a negative credit development. La Roche is a member of the New York Junior League. While at UNC, she contributed to the award-winning student-run newscast “Carolina Week” as a reporter. La Roche is a graduate of the UNC-Chapel Hill School of Journalism and Mass Communication. La Roche joined Business Insider in August 2011 after working at. Yahoo Finance has been one of the bright spots at the online company, which is currently for sale. Yahoo Finance had 54.7 million unique visitors in February 2015 and 78.1 million unique visitors in February 2016, a 43 percent increase. She joins Sam Ro, who was a deputy editor at Business Insider but left in February to become Yahoo Finance’s managing editor. She will start May 2 and will cover Wall Street culture, investing, hedge funds, banks and private equity. Julia La Roche, a senior reporter at Business Insider, has been hired at Yahoo Finance to cover finance.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |