Moody's rates McJunkin B1, loan B3

Moody's Investors Service said it assigned a B1 corporate family rating to McJunkin Red Man Holding Corp., a B3 rating to its proposed $450 million term loan facility and a stable outlook.

At the same time, Moody's withdrew the corporate ratings and outlook at McJunkin Red Man Corp. as the holding company is now the highest legal entity with rated debt in the capital structure.

In addition, Moody's upgraded McJunkin's senior secured term loan facility, to B1 from B2 and its upsized $700 million senior secured asset-based revolving credit facility to Baa3 from Ba3.

The rating action was prompted by the recent announcement that MRM will be paying a $475 million shareholder distribution, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.