Moody's rates Suburban Propane notes Ba3

Moody's Investors Service said it assigned a Ba3 rating to the new $525 million unsecured senior notes offering by Suburban Propane Partners, LP.

Proceeds will be used to refinance the $497 million 7½% senior notes due 2018.

Suburban's other ratings are unchanged and the outlook remains stable.

"The new notes have been issued to take advantage of favorable high yield capital market conditions and will translate into interest savings for Suburban," Moody's analyst Arvinder Saluja said in a news release. "Suburban will extend its debt maturity profile and because this transaction is essentially debt for debt, there is no impact on existing ratings."

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