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Moody's rates Signode notes Caa1
Moody's Investors Service said it assigned a Caa1 rating to the proposed senior unsecured notes of Signode Industrial Group US Inc.
Additionally, the agency affirmed the company's B2 corporate family, B2-PD probability of default and all other ratings.
The outlook is stable.
Proceeds from the new debt raised will be used to fund the acquisition of Signode Industrial Group, pay fees and expenses associated with the transaction and fund working capital and general corporate purposes.
On Feb. 6, Carlyle Group entered into an agreement to acquire Signode, a segment of Illinois Tools Works. The transaction is supported by a total proforma capitalization of $3.4 billion (including fees and expense) including an $885 million equity investment by Carlyle.
The equity investment is not expected to have a dividend, PIK or accrete. The transaction is expected to close in the second quarter of 2014.
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