Moody’s assigns DXP loan B2

Moody’s Investors Service said it assigned a B2 rating to DXP Enterprises Inc.’s proposed $330 million senior secured term loan due 2027.

The proceeds will be used to refinance DXP’s term loan facility and for general corporate purposes.

Moody’s also affirmed DXP’s ratings, including the B1 corporate family rating, B1-PD probability of default rating and the B2 rating on its senior secured term loan. The SGL-2 speculative grade liquidity rating is unchanged. The agency changed the outlook to negative from stable.

“The change in DXP’s rating outlook to negative reflects the combined effects of the weak operating environment and increased debt from the term loan issuance,” stated James Wilkins, a Moody’s vice president and senior analyst, in a press release.

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