Moody's revises K2 Pure loan to B3

Moody's Investors Service said it assigned a revised B3 rating to K2 Pure Solutions NoCal, LP's proposed $121.5 million senior secured term loan due 2015.

The outlook is stable.

Moody's said the B3 rating represents a revision downward from a previously published B1 rating.

The agency had assigned a B1 rating to the proposed $115 million of senior secured credit term. The lower rating is due primarily to the transaction size and terms.

Proceeds from the $121.5 million term loan and $78.4 million of equity will be used to fund the construction of the project and pay interest during construction.

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