Moody’s rates Sally notes Ba2

Moody's Investors Service said it assigned a Ba2 rating to Sally Holdings LLC's planned backed $600 million of senior unsecured notes due 2032.

Sally's Ba1 corporate family rating, its Ba1-PD probability of default rating, the Baa3 rating on the company's backed senior secured term loan and the Ba2 senior unsecured rating remain unchanged, the agency said. There is no change to the company's SGL-1 speculative grade liquidity rating.

The proceeds, $40 million of borrowings from Sally’s asset-based lending revolver and $48 million of balance sheet cash will used to redeem the company’s $680 million of unsecured notes due 2025 and to pay fees and expenses.

The outlook remains stable.

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