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Moody’s rates Mercer notes B1
Moody's Investors Service said it assigned a B1 rating to Mercer International Inc.'s new $300 million senior unsecured notes offering.
Net proceeds, along with cash on hand, will be used to repurchase the $300 million of the company's existing $400 million 7¾% senior unsecured notes due 2022.
The company's Ba3 corporate family rating, Ba3-PD probability of default rating and SGL-1 liquidity rating are unchanged.
The outlook is stable.
"Mercer's existing ratings are unchanged as the transaction is leverage neutral, however, the refinancing extends out maturities while lowering the company's cost of capital," Moody's senior vice president Ed Sustar said in a news release.
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