Moody’s assigns Ba2 to Standard Industries notes

Moody’s Investors Service said it assigned a Ba2 rating to Standard Industries Inc.’s proposed €500 million senior unsecured notes due 2026.

The proposed notes will be pari passu to Standard’s other senior unsecured notes.

Proceeds will be used to redeem BMBG Bond Finance SCA’s €435 million senior secured notes due 2021. BMBG is a wholly owned subsidiary of Standard.

“Moody’s views the proposed transaction as credit positive, since Standard is extending its maturity profile in a modestly leveraging transaction. Following the closing of the transaction, the only significant maturity over the next three years will be the company’s $650 million asset-based revolving credit facility (unrated) expiring in October 2020, which will be extended by year end. Additionally, all of Standard’s European assets will be unencumbered, adding to the company’s liquidity profile,” the agency said in a press release.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.