Moody's assigns Ba3 to Kraton loan

Moody's Investors Service said it assigned a Ba3 rating to Kraton Corp.'s planned $300 million senior secured first-lien term loan.

Kraton's Ba3 corporate family rating, Ba3-PD probability of default rating, as well as the Ba3 rating on the existing senior secured first-lien term loan remain, unchanged. The Ba3 rating on the Euro senior secured first-lien term loan facility under Kraton Polymers Holdings BV also remains unchanged.

Kraton will use the proceeds to help pay down $255 million on its outstanding ABL revolver, as of June and boost liquidity to nearly $295 million from $82 million liquidity at the end of June. The rest will be used to repay a portion of its $326 million Euro term loan.

The outlook on both entities remains negative.

© 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.