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Moody's rates High Liner loan B2
Moody's Investors Service said it assigned a B2 rating to High Liner Foods Inc.'s proposed first-lien term loan and affirmed the company's B1 corporate family rating, B1-PD probability of default rating and SGL-3 speculative grade liquidity rating.
The B2 rating on High Liner's existing term loan was affirmed and will be withdrawn when the refinance transaction closes.
The outlook remains stable.
Net proceeds from the new $300 million term loan plus $34 million of drawings under a new $180 million ABL revolving facility (unrated) will refinance about $234 million of existing term loan and $98 million of ABL revolver drawings.
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