Moody's rates Edgen notes Caa1

Moody's Investors Service assigned a B3 corporate family and probability of default rating and a speculative grade liquidity rating of SGL-3 to Edgen Group, Inc.

Moody's also assigned a Caa1 rating to the company's proposed $575 million senior secured notes.

The rating outlook is stable.

The proceeds from the proposed note offering will be used to repay debt including the redemption of Edgen Murray Corp.'s $465 million 12.25% senior secured notes along with tender premiums, accrued interest, fees and expenses and to retire a $45 million seller note outstanding at the Bourland & Leverich subsidiary of Edgen Group.

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