Moody’s assigns Smyrna notes B1

Moody’s Investors Service said it gave a B1 rating to Smyrna Ready Mix Concrete, LLC’s $515 million of senior secured notes due 2028. All other ratings for the company remain unchanged.

The proceeds will be used to refinance the company’s term loan facility and repay $39 million in debt under its current revolving credit facility. Pro forma for the proposed offering, Moody’s said it forecasts Smyrna’s debt-to-EBITDA (inclusive of Moody’s adjustments) will be 3.9x at year-end 2020.

The outlook is stable.

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