Moody's: Mastro's notes Caa1

Moody's Investors Service said it assigned Caa1 corporate family and probability of default ratings to Mastro's Restaurants, LLC.

Moody's also assigned a Caa1 rating to the company's proposed five-year $102 million senior secured second-lien notes offering.

Concurrently, the company is extending its existing $12 million first-lien revolving credit facility due Jan. 15, 2014.

The outlook is stable.

Moody's said the company plans to use proceeds from the notes offering, combined with a roughly $5 million cash on hand and revolver draw, to purchase all of its outstanding senior secured notes due May 14, 2014 and to pay fees and expenses related to the transaction.

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