Moody’s ups Multi Packaging, rates loan B1

Moody's Investors Service said it upgraded Multi Packaging Solutions Ltd.’s corporate family rating to B1 from B2 and probability of default rating to B1-PD from B2-PD and assigned a B1 rating to the new $220 million senior secured term loan due 2023.

Proceeds from the new loan will be used to repay the $200 million senior unsecured notes as well as to pay fees and expenses related to the transaction. Terms and conditions of the new term loan are expected to be similar to the existing senior secured term loans.

Moody's also assigned a SGL-2 speculative grade liquidity rating and affirmed other instrument ratings.

The outlook is stable.

"We upgraded Multi Packaging's corporate family rating as the company improved its leverage metrics in line with expectations," Moody's analyst Anastasija Johnson said in a news release.

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