Moody’s rates Chobani notes at B1

Moody’s Investors Service said it assigned a B1 rating to $325 million of senior secured notes due 2028 being offered by Chobani, LLC.

Proceeds will be used to repay the remaining amount outstanding under a $793 million first-lien term loan due October 2023 and for general corporate purposes. The company previously arranged a $500 million secured term loan, also rated B1, to refinance a portion of the secured term loan.

“Moody’s considers the proposed refinancing to be a credit positive because the company will extend its debt maturities without materially affecting its cash flow. However, the company’s CFR remains at B3 because leverage is largely unchanged,” 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.