Moody's assigns Ba1 to Axalta loan

Moody's Investors Service said it assigned a Ba1 rating to the $2 billion senior secured term loan due 2029 of Axalta Coating Systems Dutch Holding B BV and co-borrower Axalta Coating Systems U.S. Holdings Inc. Both borrowers are wholly owned subsidiaries of Axalta Coating Systems Ltd.

"Axalta is taking advantage of current market conditions to refinance and extend the maturity of its $2 billion term loan," stated John Rogers, a Moody's senior vice president and lead analyst for Axalta, in a press release.

Axalta’s outstanding $2 billion loan is due June 3, 2024, and is also rated Ba1. Prospect News reported the new loan will have a seven-year tenor.

The outlook is stable.

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