Moody’s reviews Stardust, rates loan B1

Moody's Investors Service said it placed Stardust Finance Holdings, Inc.'s (doing business as Forterra Building Products and previously known as Hanson Building Products) B2 corporate family rating, B2-PD probability of default rating, and the ratings assigned to its other debt instruments ratings under review for upgrade.

The review follows the company’s announcement of its intention to launch an initial public offering (IPO).

The company expects to raise about $368 million in proceeds from the IPO. As part of this transaction, the newly created borrowing entity Forterra Finance, LLC will raise a new $300 million ABL revolver (not rated) and a new $1 billion senior-lien term loan to refinance its existing debt in conjunction with the announced IPO.

In related actions, Moody's assigned a B1 rating to the proposed $1 billion senior-lien term loan due 2023.

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