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Moody's rates Suburban Propane add-on B1
Moody's Investors Service said it assigned a B1 rating to Suburban Propane Partners LP's proposed $250 million senior notes due 2013, which will be issued as an add-on to the company's existing 6 7/8% senior notes due 2013.
Also, Moody's affirmed Suburban's senior implied rating of Ba3. The outlook remains stable.
The proposed senior notes are being issued as part of a recapitalization whereby the proceeds from the proposed $250 million senior notes to be issued at the MLP level will be combined with proceeds of about $125 million from a five-year term loan at Suburban Propane to redeem 7.54% senior notes due 2011 and 7.37% senior notes due 2012.
Moody's said the outlook and ratings could be pressured by management's pursuit of assets further upstream if steps are not taken to mitigate the significant risk of entering into a new business without the benefit of experienced personnel with a solid track record to manage and operate it.
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