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Moody's: Milacron B2, loan B1
Moody's Investors Service said it assigned B2 corporate family and probability of default ratings to Milacron Holdings Inc., along with a B1 (LGD 3, 44%) rating on Milacron LLC's $140 million secured term loan due 2017.
The outlook is stable.
The proceeds, along with cash on hand, will primarily be used to retire an existing payment-in-kind toggle note, execute a share repurchase and refinance other debt, Moody's said.
The recapitalization of Milacron will more than double its funded indebtedness from the level following its August 2009 purchase of certain assets and assumption of certain operating liabilities from Milacron, Inc., the agency said.
Nonetheless, demand for Milacron's products and supplies remains highly cyclical and are driven by customer capital expenditure budgets and industrial production, Moody's said.
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