Moody's rates LBC Tank notes B3

Moody's Investors Service said it assigned a B1 corporate family rating and B1-PD probability of default rating to LBC Tank Terminals Holding Netherlands BV.

Concurrently, Moody's assigned a provisional B3 rating to the proposed $350 million senior unsecured notes due 2023.

The outlook is stable.

The proceeds from the notes, in addition to $271 million in proceeds from the term loan under the $396 million senior credit facilities, will be used to refinance existing loan facilities which were put in place to support the acquisition of LBC by a challenger-led consortium in 2007, before it was acquired by a consortium of existing minority Australian shareholders and Dutch funds, PGGM and APG.

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