Moody's rates KCA Deutag loans B3

Moody's Investors Service said it affirmed KCA Deutag Alpha Ltd.'s corporate family rating at B3 and upgraded the probability of default rating to B3-PD from Caa1-PD.

Concurrently, the agency assigned provisional B3 ratings to KCA Deutag's new senior secured term loan and revolving credit facility.

Moody's also affirmed the B3 rating on KCA Deutag's other rated debt, including the existing senior secured notes due 2018 issued by Globe Luxembourg SCA.

The outlooks were changed to positive from stable.

Proceeds from the new senior secured bank debt will be used to repay the existing senior secured term loans and working capital facilities, as well as pay fees and expenses.

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