Moody's rates Wells Enterprises notes B2

Moody's Investors Service said it assigned B1 corporate family and probability of default ratings to Wells Enterprises, Inc.

Moody's also assigned a B2 (LGD 4-60%) rating to the company's new $235 million senior secured notes due 2020.

Proceeds from the issuance are being used to pay equity holders a dividend and refinance existing debt.

The outlook is stable.

The company's presence in branded products as well as private label, coupled with the sheer scale and breadth of its manufacturing operations, enable Wells to maximize penetration of distribution channels spanning a broad range of retail, foodservice, club operators, convenience stores and mobile vendors, Moody's said.

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