Moody’s rates Lifetime loan B3

Moody's Investors Service said it assigned a B3 rating to Lifetime Brands, Inc.'s planned $150 million senior secured term loan B due 2027.

All other ratings for the company remained unchanged, including the B2 corporate family rating, the B2-PD probability of default rating and the B3 rating on the outstanding $275 million original principal amount senior secured term loan B due 2025. The company's SGL-2 speculative grade liquidity also is unchanged, the agency said.

Lifetime Brands plans to use the loan and a $49 million draw on its $200 million asset-based lending revolver due 2027 to refinance the about $199 million remaining balance on its outstanding senior secured term loan B.

“The proposed refinancing transaction is structured as an amendment and extension of the existing senior secured bank credit facility and includes participation from certain new lenders. Moody's will withdraw the rating on the existing senior secured term loan B upon the closing of the transaction and the repayment of the debt obligation,” the agency said in a press release.

The outlook is stable.

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