Moody’s ups Weekley notes, rates notes B3

Moody's Investors Service said it assigned a B3 rating to the proposed new $250 million of senior unsecured notes of Weekley Homes, LLC and upgraded the rating on the existing $200 million of senior unsecured notes to B3 from Caa1.

In the same action, the agency affirmed Weekley's B2 corporate family rating and B2-PD probability of default rating.

The outlook is stable.

Moody’s said the upgrade is a result of a significant shift in the composition of the company's capital structure and is not as a result of any change in the credit profile of the company.

Proceeds from the note offering will be used to retire a like amount of secured debt after which the company will reduce the size of its secured revolver to $400 million from $700 million.

© 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.