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Moody's Investors Service ("Moody's) affirmed Bass Pro Group, L.L.C's Ba3 Corporate Family Rating, Ba3-PD Probability of Default rating, and B1 senior secured rating. The proceeds of the proposed add-on term loan, drawings on the company's asset back revolver ($650 million) and cash on hand will be used to redeem approximately 64% of preferred equity ($1.3billion) issued by Bass Pro's parent and make a distribution to shareholders. The affirmation reflects improving margins (pro-forma for the 2017 acquisition of Cabela's) due to synergy realization ahead of plan and higher than expected debt repayment since the acquisition closed resulting in better than expected improvement in pro-forma credit metrics.
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