Moody's rates Albaugh facilities Ba3

Moody's Investors Service said it assigned Ba3 ratings to Albaugh, LLC’s planned $950 million senior secured credit facilities, including a $200 million five-year revolver and a $750 million seven-year senior secured term loan B.

Concurrently, the agency affirmed Albaugh’s Ba3 corporate family rating and Ba3-PD probability of default rating. Moody's also affirmed the company’s Ba3 instrument ratings.

Term loan proceeds will be used to acquire Rotam Global AgroSciences Ltd. for an enterprise value of $403 million, to refinance Albaugh's and Rotam's debt and to pay associated fees and expenses. The acquisition, which is subject to regulatory approvals, is expected to close in the second quarter of 2022. Moody's will withdraw the ratings on Albaugh's outstanding debt after the new facilities close and the debt is repaid.

The outlook is stable.

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