Moody's gives Zekelman loan Ba3

Moody's Ratings said it assigned a Ba3 rating to Zekelman Industries, Inc.'s amended, extended and upsized $900 million senior secured term loan B due 2031.

Zekelman’s other ratings, including the Ba2 corporate family and Ba3 rating on its outstanding term loan are unchanged.

The proceeds will be used to repay $856 million outstanding under the existing senior secured term loan due 2027 and pay for related transaction fees and expenses, with the excess cash to be held on Zekelman's balance sheet.

The outlook is stable.

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