Moody’s rates Crestwood loan B3

Moody's Investors Service said it assigned a B3 rating to Crestwood Holdings LLC's proposed $350 million senior secured term loan facility.

The company’s other ratings, including its B3 corporate family rating and B3-PD probability of default rating and stable outlook are unchanged.

The term loan is being offered to refinance Crestwood’s existing senior secured bank credit facilities.

Moody’s said the proposed $350 million term loan is the only class of debt in Crestwood’s capital structure and therefore it is rated B3, the same as the corporate family rating.

The company intends to use the net proceeds to refinance all of its outstanding loans under its existing senior secured bank credit facility and terminate the existing facility and all commitments thereunder.

Moody's said it views this transaction as credit neutral as the overall debt burden of the company is mostly unchanged.

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