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Moody’s rates KLX loan Baa3, notes Ba3
Moody's Investors Service said it assigned a Ba2 corporate family rating and Ba2-PD probability of default rating to KLX Inc.
Concurrently, the agency assigned a Baa3 rating to KLX’s proposed $500 million senior secured revolving credit facility and Ba3 to the proposed $1.2 billion of senior unsecured notes.
The outlook is stable.
Proceeds from the offering will be used to capitalize KLX following its spin-off from B/E Aerospace and to pay a one-time dividend of $750 million to B/E, proceeds of which, will be used to retire existing debt.
Moody’s said the Ba2 corporate family rating reflects KLX's position as a leading distributor of aerospace fasteners and consumables, a relatively robust set of credit metrics, and expectations of continued favorable commercial aerospace fundamentals.
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