Moody’s gives Lifetime Brands Ba3, loan B1

Moody's Investors Service said it assigned a Ba3 corporate family rating and Ba3-PD probability of default rating to Lifetime Brands, Inc.

The agency also assigned a B1 rating to the proposed $275 million senior secured term loan B and an SGL-2 speculative grade liquidity rating.

The outlook is stable.

"Proceeds from the term loan together with about $50 million of revolver drawings will be used to fund the $315 million acquisition of Filament Brands by Lifetime Brands, which was announced in December 2017," Kevin Cassidy, senior credit officer at Moody's, said in a news release.

Moody’s said Lifetime Brands' rating reflects its modest scale with revenue around $800 million, leading market position with various niche house ware products and a broad product portfolio.

The ratings also reflect the low price point of most products and general demand stability, the agency added.

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