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Moody's rates Masonite notes B3
Moody's Investors Service said it assigned a B3 rating to Masonite International Corp.'s proposed C$100 million of 8¼% add-on senior unsecured notes due 2021.
Concurrently, the agency affirmed the company's B2 corporate family rating, B2-PD Probability of default rating, the B3 rating on its existing senior unsecured notes due 2021 and assigned a Speculative-grade liquidity assessment of SGL-2.
The outlook is stable.
Proceeds are expected to be used for general corporate purposes that may include funding future acquisitions.
The B3 rating assigned to the proposed add-on senior unsecured notes, one notch below the corporate family rating, reflects the notes' position as the junior-most debt in Masonite's capital structure, Moody's said.
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