Moody's: Midwest notes B3

Moody's Investors Service said it assigned a definitive B3 rating to Midwest Vanadium Pty Ltd.'s $335 million Rule 144A senior secured notes issuance, along with a definitive corporate family rating of B3.

The outlook is stable.

The definitive ratings confirm the provisional ratings previously assigned, Moody's said.

The company is issuing $335 million of 11½% guaranteed senior secured notes due 2018.

The proceeds will be used in connection with the completion and commissioning of the Windimurra vanadium project, the purchase of the project's ore crushing and beneficiation plant, funding reserve accounts, refinancing all of its existing debt and general corporate purposes, the agency said.

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