On Monday evening, international rating agency Moody’s said that it has assigned a first-time B3 corporate family rating (CFR) to ANI Technologies Pvt Ltd (Ola). At the same time, Moody's has assigned a B3 rating to the company's proposed senior secured term loan. Ola's wholly owned subsidiaries -- Ola Netherlands B.V. and Ola USA Inc. -- are the borrowers. The proceeds from the term loan will be used for general corporate purposes, Moody’s noted. It added that Ola's cash and cash equivalents of $279 million as of 31 March 2021 will just cover the company's expected cash burn and scheduled debt maturities through December 2022.

Source: Mint November 29, 2021 19:34 UTC