Moody's gives Volvo Construction notes B3

Moody's Investors Service said it assigned Volvo Construction Equipment Rents, LLC a corporate family rating of B2 and a probability of default rating of B2-PD.

Volvo Construction will be changing its name at close to BlueLine Rental, and accordingly, the corporate family rating will reflect the new name upon the name change.

In addition, the company's proposed $760 million senior secured second-lien notes, to be co-issued by Volvo Construction and BlueLine Rental Finance Corp., were rated B3.

The proposed $475 million ABL revolver was not rated.

The outlook is stable.

Proceeds from the notes will be used to partially fund the $1.1 billion acquisition of Volvo Construction by an affiliate of Platinum Equity from Volvo Construction Equipment North America, LLC. Platinum Equity LLC, is the equity sponsor.

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