Moody’s ups Gemini loan, rates new loan Ba2

Moody's Investors Service said it assigned a Ba2 rating to Gemini HDPE, LLC's $406 million senior secured term loan due August 2024 and upgraded the existing senior secured loan's rating to Ba2 from Ba3.

The outlook is stable.

The agency said the assignment incorporates Gemini's proposed refinancing that incorporates key changes including extension of the maturity date to August 2024, lower required debt amortization, reduced interest margins, delay to the date certain construction completion date to August 2018, and greater flexibility to issue future parity debt for a partial or full refinancing.

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