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Moody’s rates Oxbow Carbon loan B1
Moody's Investors Service said it assigned a B1 rating to the proposed $350 million first-lien term loan B to be issued by Oxbow Carbon LLC.
The company's existing ratings, including the B2 corporate family rating, B2-PD probability of default rating, the B1 rating on existing first-lien debt and the Caa1 rating on second-lien debt, are unchanged.
The outlook remains stable.
Term loan B proceeds are expected to be used to repay the $65 million outstanding balance on the existing term loan B (rating to be withdrawn upon repayment), and to repay revolver borrowings of $285 million. The company will also reduce the total revolver capacity.
Moody’s said the proposed transaction has no impact on the current ratings as it is largely neutral to the company's leverage, capital structure and liquidity.
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