Moody's eyes Vestcom for upgrade

Moody's Investors Service said it placed Vestcom Parent Holdings, Inc.'s B3 corporate family rating, B3-PD probability of default rating and the B2 rating assigned to its senior secured credit facilities on review for upgrade. The outlook was revised to under review from stable.

The rating action follows the announcement by investment-grade rated Avery Dennison Corp. that it will acquire Vestcom for $1.45 billion in an all-cash transaction, Moody’s said.

“The rating review reflects Moody's anticipation that, following the close of the acquisition by Avery Dennison, Vestcom's rated debt could remain an obligation of Vestcom with or without the explicit support of Avery Dennison, be exchanged for Avery Dennison debt, be repaid or be refinanced,” the agency said in a press release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.