Moody's affirms CST loan

Moody's Investors Service said it affirmed the B1 ratings on CST Industries, Inc.'s recently upsized $147.4 million senior secured term loan and increased $20 million revolving credit facility, up from $15 million.

Simultaneously, Moody's said it affirmed CST's B2 corporate family rating and B2 probability of default rating.

The outlook remains negative.

Proceeds from the $20 million add-on to the term loan in addition to about $5 million of balance sheet cash will partially fund a mid-sized acquisition, the agency said.

Moody's added that it expects CST's acquisition to strengthen the company's position in its existing product lines.

© 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.