Moody’s rates Summit notes Caa1

Moody's Investors Service said it assigned a Caa1/LGD4 rating to Summit Materials, LLC's proposed $115 million 10˝% senior unsecured notes due 2020, which are an add-on to Summit's existing senior unsecured notes.

All other ratings remain the same.

The outlook remains stable.

On Sept. 3, Summit announced a $115 million senior unsecured notes offering, the proceeds of which will be used to finance the acquisition of Mainland Sand & Gravel Ltd., to pay related fees associated with the acquisition and financing, to pay down outstanding amounts under Summit's revolving credit facility and for other general corporate purposes.

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