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Moody's rates Simmons notes Caa2
Moody's Investors Service said it assigned a Caa2 rating to Simmons Co.'s proposed $165 million senior discount notes due 2014.
At the same time, the existing senior unsecured issuer rating of B3 assigned to Simmons Bedding Co. has been withdrawn and a new senior unsecured issuer rating of Caa2 has been assigned to Simmons Co. All other ratings have been affirmed. The outlook remains stable.
Ratings affirmed include the B2 senior implied rating; the $75 million senior secured term loan B due 2011 and $405 million senior term loan B due 2011, both rated B2; the $140 million senior unsecured floating-rate loan due 2012, rated B3; and the $200 million senior subordinated notes due 2013, rated Caa1.
Moody's said the new ratings and affirmation reflect Simmons increased leverage as a result of the transaction mitigated by improved operating performance.
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