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Moody's rates Era notes B2
Moody's Investors Service said it assigned a B1 corporate family rating to Era Group Inc., a wholly owned subsidiary of Seacor Holdings Inc.
Moody's also assigned a B2 rating to Era's planned offering of $200 million of senior unsecured notes.
The outlook is stable.
Era will use the net proceeds from the note offering to reduce the outstandings under its revolving credit facility.
The assigned ratings reflect Seacor's intention to spin-off Era to holders of Seacor's common stock, as well as the redemption of the series B preferred stock held by Seacor.
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