Moody’s eyes Hayward for upgrade

Moody’s Investors Service said it placed Hayward Industries, Inc.’s ratings on review for upgrade, including the B3 corporate family rating, the B3-PD probability of default rating, the B3 senior secured first-lien rating and Caa2 senior secured second-lien rating.

The review follows Hayward Holdings, Inc., parent company of Hayward, announcement it filed for a proposed initial public offering of shares of its common stock that Moody’s said it views as credit positive because the company plans to use proceeds to repay debt.

“The rating review will focus on Hayward’s financial leverage following the initial public offering transaction, financial policies as a public company, debt mix and operating strategy. The planned IPO’s ultimate impact on Hayward’s financial profile remains uncertain and will depend on the proceeds of the planned equity offering and the allocation of proceeds,” Moody’s said in a press release.

© 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.