Moody's assigns New Arclin loan B2

Moody's Investors Service said it assigned a B2 rating to New Arclin U.S. Holding Corp.'s proposed $160 million first-lien term loan add-on.

Moody's expects to withdraw the Caa1 rating on New Arclin U.S. Holding Corp.'s second-lien term loan once it is repaid. Moody's also affirmed LSF10 Cedar Investments, LP's (Arclin) B2 corporate family rating and B2-PD probability of default rating.

"The incremental term loan to fund another dividend is negative; however, Arclin's performance during the pandemic has exceeded expectations and credit metrics remain appropriate for the rating after factoring the additional debt," said Domenick R. Fumai, a Moody's vice president and lead analyst for LSF10 Cedar Investments, in a press release.

The outlook is stable.

© 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.