Moody's rates Building Materials notes B3

Moody's Investors Service said it assigned a B3 rating to Building Materials Corp. of America's proposed senior unsecured notes due 2020.

In a related rating action, Moody's said it affirmed the company's corporate family rating and probability of default rating at B1, senior secured term loan due 2014 and senior secured notes due 2020 at Ba3, and second-lien term loan at B2.

The outlook is positive.

The B3 rating on the proposed senior unsecured notes due 2020 result from their junior-priority relative to the company's secured debt, Moody's said, adding that proceeds from the proposed senior unsecured notes will be used to refinance the company's existing $325 million second-lien term loan due 2014.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.