Moody's gives Sawgrass notes B2

Moody's Investors Service said it assigned a B2 corporate family rating to Sawgrass Merger Sub Inc. and a B3 rating to its senior secured notes due 2020.

The outlook is stable.

The proceeds of the bond issuance are intended to partially fund the acquisition of TPC Group Inc. by private equity funds managed by First Reserve Management, LP and SK Capital Partners.

As part of the acquisition, Sawgrass will merge with TPC after the acquisition, with TPC being the surviving entity and the obligor under the notes indenture.

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