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Moody's assigns Ba1 to Avient loan
Moody's Investors Service said it assigned a Ba1 rating to Avient Corp.'s $732 million senior secured first-lien term loan refinancing due 2029.
The proceeds will be used to refinance the company's balances on the $632.6 million with $427 outstanding, senior secured first-lien term loan due 2026 and $575 million with $405 million outstanding, senior secured first-lien term loan due 2029. Both loans are rated Ba1.
Avient also applied $100 million of cash from the balance sheet to reduce term loan balances. The Ba2 corporate family rating, Ba2-PD probability of default rating and Ba3 rating on the senior unsecured notes are unchanged. The speculative grade liquidity rating SGL-2 is maintained.
"The proposed refinancing, debt reduction and extension of the 2026 maturity are credit positive as the transaction will result in lower interest expense and extends the company's maturity profile," said Domenick R. Fumai, a Moody's vice president and lead analyst for Avient, in a press release.
The outlook is stable.
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