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Moody's rates Sappi loans Ba2
Moody's Investors Service said it has assigned a Ba2 rating (LGD 2, 28%) to Sappi Ltd.'s new €400 million OeKB term loan maturing in April 2014, replacing the existing €400 million OeKB term loan, which was set to mature in December 2010.
In addition, Moody's said it assigned a Ba2 (LGD 2, 28%) rating to Sappi's new €209 million revolving credit facility maturing in April 2013, replacing the existing €600 million revolving credit facility, which was set to mature in May 2010.
In addition, Moody's noted that it has changed the provisional Ba2 rating on the new $797 million senior secured notes maturing in August 2014 and issued by PE Paper Escrow GmbH, an Austrian special purpose limited liability company, to final.
At the same time, Moody's said it also affirmed the Ba3 corporate family rating and the probability of default rating of Sappi as well as the B2 rating (LGD 6, 91%) for the outstanding $750 million senior unsecured notes issued by the holding company Sappi Papier Holding GmbH.
The outlook is stable.
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