Moody’s gives Sterigenics-Nordion notes Caa1

Moody's Investors Service said it rated Sterigenics-Nordion Holdings, LLC's proposed $450 million senior unsecured notes Caa1 (LGD5).

The company's existing ratings, including its B2 corporate family rating and B1 senior secured credit facilities, remain unchanged.

The outlook remains negative.

Sterigenics intends to use the proceeds, together with the proceeds from the senior secured term loan issued last week, new cash equity from Warburg Pincus and roll over equity from existing owner GTCR and management, to fund the acquisition of Sterigenics for $2.3 billion and to pay fees and expenses.

All ratings at STHI Holdings Corp., including the B2 corporate family rating, remain under review for downgrade. The review was initiated on March 24 following the acquisition announcement. Moody's expects to withdraw all ratings at STHI Holdings upon closing of the transaction.

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