Moody’s gives Husky loans B1, Caa1

Moody's Investors Service said it affirmed Husky International Ltd.'s B2 corporate family rating and B2-PD probability of default rating.

At the same time, the agency assigned B1 and Caa1 ratings to the company's proposed first-lien credit facilities and second-lien term loan, respectively.

The Ba3 and Caa1 ratings on Husky's existing first-lien credit facilities and senior unsecured notes were affirmed and will be withdrawn when the refinance transaction closes.

The outlook is stable.

Proceeds from the new first- and second-lien term loans (totaling $1,565,000,000), together with balance sheet cash ($51 million) will be used to refinance existing debt ($1,561,000,000) and pay breakage costs on notes, fees and expenses ($55 million). Husky's new $110 million revolving credit facility will be undrawn at close.

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