Moody’s gives Silgan notes Ba3

Moody’s Investors Service said it assigned a Ba3 rating to the senior unsecured notes due 2028 issued by Silgan Holdings Inc.

Silgan’s Ba2 corporate family rating, Ba2-PD probability of default rating, all other instrument ratings, the SGL-2 rating and stable outlook remain unchanged.

Proceeds will be used to repay the outstanding revolver loans under the credit agreement used to redeem the 5 ½ % senior notes redeemed on August 1.

The transaction is credit neutral since it will not increase debt, Moody’s said.

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