Moody’s drops TriMas, rates loans Ba3

Moody's Investors Service said it downgraded TriMas Corp.’s corporate family rating to Ba3 from Ba2 and probability of default rating to Ba3-PD from Ba2-PD.

Concurrently, the agency assigned Ba3 ratings to the company's $500 million senior secured revolving credit facility and its $275 million senior secured term loan A.

The outlook is stable.

Proceeds from the transaction will be used to repay existing borrowings and to capitalize TriMas following the separation of its business into two independent publicly traded companies. Ratings on the TriMas' existing debt will be withdrawn upon close of the transaction.

The two companies will be comprised of packaging, aerospace, energy and engineered components (TriMas) and towing, trailering and cargo management products (Horizon Global Corp., formerly Cequent).

This concludes the review for downgrade that began on Dec. 8, 2014.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.