Moody's assigns Ba2 to Cooper-Standard DIP loan

Moody's Investors Service said it assigned a Ba2 rating to Cooper-Standard Automotive, Inc.'s $175 million debtor-in-possession term loan.

The DIP loan consist of a $75 million term loan to Cooper-Standard Automotive, Inc. (the U.S. Borrower, and U.S. debtor); a $50 million term loan to Cooper-Standard Automotive Canada Ltd. (the Canadian Borrower, and non-U.S. debtor); and a $50 million term loan to Metzeler Automotive Profile Systems GmbH (the German Borrower, and non-U.S. debtor).

Obligations under the Canadian and German facilities are unconditionally guaranteed by Cooper-Standard and the bankruptcy court has recognized claims under their guarantee as having a super-priority status that ranks pari passu with the DIP term loan of Cooper Standard.

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