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Moody's rates HLI loan B2
Moody's Investors Service said it assigned a B2 rating for HLI Operating Co. Inc.'s proposed $150 million guaranteed senior secured second-lien term loan facility.
HLI Opco is an indirect subsidiary of Hayes Lemmerz International Inc. The outlook remains stable.
While the company has reaffirmed its earning guidance and the senior implied and guaranteed senior secured first-lien facility ratings remain unchanged at B1, Moody's said it determined that widening of the downward notching of HLI Opco's guaranteed senior unsecured notes was necessary to reflect additional layering of the company's debt.
The proposed application of the net proceeds will remain unchanged, with half of the net proceeds still to be applied to prepay existing senior secured first-lien term loans and the other half to be used to either augment cash or repay outstanding revolver debt or accounts receivable securitization usage.
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