Moody's places Sequa on review for upgrade

Moody's Investors Service said it placed all ratings of Sequa Corp. on review for upgrade, including the Caa2 corporate family rating and the Caa2-PD probability of default rating.

For Sequa Mezzanine Holdings LLC, Moody's placed all ratings on review for upgrade, including the Caa1 first-lien senior secured credit facilities, comprised of a revolving credit facility due 2022, a revolving credit facility due 2023, a first-lien term loan due 2023, and a first-lien term loan due 2025.

Concurrently, Moody's placed the ratings on review for upgrade for the company's senior secured second-lien term loan due 2024, which is rated Caa3.

The review for upgrade is prompted by Sequa's plan to sell its Precoat Metals business division to AZZ, Inc for approximately $1.3 billion. The sale is expected to close in the second quarter of 2022, Moody’s said.

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