Moody's gives Worthington notes Baa3

Moody's Investors Service said it assigned a Baa3 senior unsecured rating to Worthington Industries Inc.'s proposed offering of $250 million senior unsecured notes.

Proceeds from the debt offering will be used to pay off the company's existing $100 million unsecured floating-rate senior notes when they come due in December 2014 and for general corporate purposes, including the repayment of credit facility and accounts receivable securitization facility borrowings.

Moody's affirmed Worthington's Baa3 senior unsecured ratings and stable outlook because the increase in outstanding debt from this transaction will result in credit metrics that are commensurate with the existing ratings and will enhance its strong liquidity position.

© 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.