Moody's assigns Smyrna; facility B1

Moody's Investors Service said it assigned a first-time B1 corporate family rating and B1-PD probability of default rating to Smyrna Ready Mix Concrete, LLC. Moody's also assigned a B1 rating to Smyrna's proposed $315 million senior secured term loan facility maturing in 2027.

Loan proceeds and an added secured debt offering will be used to fund several pending acquisitions. Pro forma for the bolt-on acquisitions and the proposed financing, Moody's projects the company's leverage will be 3.9x at Dec. 31, including Moody's adjustments.

"While the proposed financing will temporarily increase Smyrna's financial risk profile, the agreed upon bolt-on acquisitions will strengthen the company's long-term competitive positioning and enhances its long-term business prospects," said Emile El Nems, a Moody's vice president and senior analyst, in a press release.

The outlook is stable.

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