Moody's rates Weekley Homes notes B1

Moody's Investors Service said it assigned a B1 rating to Weekley Homes, LLC's proposed $400 million of notes due 2028. Weekley Homes' other ratings, including its B1 corporate family rating and stable outlook remain unchanged.

The proceeds along with cash on hand will be used to refinance the company's $200 million of 6% senior unsecured notes due 2023 and $250 million 6 7/8% senior unsecured notes due 2025.

“The transaction is credit positive, reflecting a modest reduction in leverage, annual interest savings and an improved debt maturity profile. Pro forma for the transaction, homebuilding debt to total capitalization would have been 40.3% at June 30, 2020,” Moody’s said in a press release.

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