Moody’s rates Hilex Poly loans B2

Moody's Investors Service said it assigned ratings to Hilex Poly Co. LLC, including a B2 corporate family rating, a B2-PD probability of default rating and B2 ratings to its $85 million senior secured revolving credit facility due June 2019 and $470 senior secured term loan A due June 2021.

The outlook is stable.

Proceeds from the new debt raised will be used to fund the acquisition of Duro Bag Manufacturing Co., to repay existing debt and to pay fees and expenses associated with the transaction.

On June 11, Hilex entered into an agreement to acquire Duro. The transaction is supported by a total pro forma capitalization of $860 million (including fees and expenses), including a $130 million equity investment by Wind Point Partners and other co-investors. The transaction is expected to close in the second half of 2014.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.