Moody's assigns Altium facility B2,

Moody's Investors Service said it assigned a B2 rating to Altium Packaging, LLC's senior secured credit facility. The company's B2 rating and B2-PD probability of default rating are unchanged. The outlook remains stable. The company's good liquidity profile remains unchanged.

The action follows the company's announcement it is seeking to raise $830 million as a new senior secured term loan due 2026. Proceeds will be used to repay, in full, the existing senior secured term loans due 2024 and 2026. The terms and conditions are expected to be the same as the existing loans. The ratings on the company's existing credit facilities are unchanged and will be withdrawn at the close of the transaction.

The B2 rating assigned to the new debt continues to reflect the senior secured facilities position as the preponderance of debt in the capital structure. The transaction itself is credit neutral. Credit metrics will be largely unchanged following the transaction and total debt will remain about the same, the agency said.

© 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.