KTEC - 7127

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  • Moody's

    Engineered Machinery Holdings, Inc. -- Moody's says Duravant's acquisition of Wulftec and concurrent term loan add-on keep leverage elevated

    Moody's Investors Service ("Moody's") said Engineered Machinery Holdings, Inc.'s ( "Duravant") proposed $160 million first lien term loan add-on due 2025, which will be used to partially fund the acquisition of Wulftec International Inc. (Wulftec), is credit negative but does not impact the Duravant's ratings, including its B3 Corporate Family Rating, B3-PD Probability of Default, B2 Senior Secured First Lien Term Loan rating, Caa2 Senior Secured Second Lien Term Loan, or stable outlook. Moody's views Duravant's acquisition of Wulftec as credit negative because it increases debt at the time when leverage is already weaker than originally expected at the time of the LBO due to the acquisition of Key Technology, Inc. ("Key Technology") earlier in 2018 and weaker than expected EBITDA as a result of organic declines in the performance of its core business.

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