Moody's gives Kissner notes B3

Moody's Investors Service said it assigned ratings to Kissner Milling Co. Ltd., including a B3 corporate family rating and B3 rating to the company's proposed $200 million senior secured notes.

Proceeds will be used to refinance existing debt, fund a distribution to shareholders, place cash on the balance sheet and pay transaction-related fees and expenses.

The outlook is stable.

"Financial performance over the past year is unsustainable as Kissner's sales volumes were well in excess of capacity," Ben Nelson, Moody's assistant vice president and lead analyst for Kissner, said in a news release. "On the back of unsustainable earnings, the sponsor is taking out a dividend after only six months of ownership."

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