Moody's gives Springs notes B2

Moody's Investors Service said it assigned a B2 (LGD 4-55%) rating to Springs Industries, Inc.'s new $470 million senior secured notes due 2021.

The proceeds will be used to fund the purchase of the company by Golden Gate Capital.

Concurrently, Moody's affirmed the company's B2 corporate family rating and the B2-PD probability of rating.

The rating outlook is stable.

On April 22, Golden Gate Capital announced that it signed a definitive agreement to acquire Springs from Heartland Industrial Partners and interests of the Close family. Moody's said it understands this will be funded with the secured notes and new equity.

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