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Moody’s reviews Wise Metals
Moody's Investors Service said it placed Wise Metals Intermediate Holdings LLC B3 corporate family rating and B3-PD probability of default rating, as well as the Caa2 senior unsecured rating of Wise and Wise Holdings Finance Corp. as co-issuer, on review for upgrade.
The agency also placed the Caa1 senior secured rating of Wise Metals Group LLC and Wise Alloys Finance Corp. as co-issuer on review for upgrade.
Moody’s said the review is a result of the pending acquisition of Wise by Constellium NV (Ba3 CFR) for $455 million in cash and $945 million in the assumption of existing Wise debt.
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