Moody's lifts Doane; rates loan B1, notes Caa1

Moody's Investors Service said it concluded its review of Doane Pet Care, Inc. for possible upgrade by upgrading Doane's corporate family rating and existing $213 million 10.75% senior unsecured notes to B2 from B3.

In addition, Moody's said it assigned a B1 rating to Doane's new senior secured credit facilities and a Caa1 rating to its new senior subordinated notes.

Moody's said it also upgraded Doane's existing senior secured bank facilities to B1 from B2, its existing senior subordinated notes to Caa1 from Caa2 and its existing mandatory redeemable preferred stock from Ca to Caa3.

The outlook is stable.

The upgrade and rating assignments are in relation to the pending acquisition of Doane's parent company, Doane Pet Care Enterprises Inc., by Teachers' Private Capital for $840 million plus $20 million of expenses, the agency noted.

The ratings also consider Doane's exposure to volatile commodity input, packaging and fuel costs, Moody's added.

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