Moody's rates Grede loan B2

Moody's Investors Service said it affirmed the ratings of Grede Holdings, LLC, including the corporate family and probability of default ratings at B1 and B1-PD, respectively, following the company's announcement of its intention to upsize its senior secured debt by $30 million.

In a related action, Moody's assigned a B2 rating to the upsized $316 million senior secured term loan.

The B2 rating on the existing $286 million senior secured term loan will be withdrawn upon its replacement. The proceeds from the add-on senior secured term loan will be used to pay down a portion of the outstanding balance under the unrated asset based revolving credit facility and pay fees and expenses related to the transaction.

The outlook is stable.

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