Rating Action: Moody's affirms Instant Brands Ba3 CFR; rates new first lien term loan Ba3Global Credit Research - 22 Mar 2021New York, March 22, 2021 -- Moody's Investors Service, ("Moody's") affirmed the ratings of Instant Brands Holdings Inc. (Instant Brands) including the company's Corporate Family Rating (CFR) at Ba3 and Probability of Default Rating at Ba3-PD. At the same time, Moody's assigned a Ba3 rating to the company's proposed new $450 million first lien term loan due 2028. The outlook is stable. The Ba3 rating on the company's existing first lien term loan due 2024 is unchanged, and will be withdrawn concurrent with the anticipated repayment of this debt obligation.Net proceeds from the proposed $450 million first lien term loan will be used to refinanced approximately $294 million of existing debt, including a $100 million seller note issued in conjunction with the March 2019 acquisition of Instant Brands, and to fund a $245 million dividend distribution to shareholders.