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Moody’s assigns TMS loan B1
Moody’s Investors Service said it assigned a B1 rating to TMS International Corp.'s proposed seven-year $450 million term loan B.
TMS' ratings, including the B1 rating on its outstanding senior secured term loan B and the Caa1 rating on its senior unsecured notes, are unchanged, the agency said.
The company plans to use the proceeds with borrowings of about $33 million from an upsized $175 million asset-based revolver to refinance its $479 million term loan B due 2024 and to pay associated fees.
TMS’ stable outlook remains unchanged.
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