| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers K > Headlines for KLA Corp. > News item |
Moody’s gives A2 to KLA notes
Moody's Investors Service said it rated KLA Corp.'s new senior unsecured notes at A2.
“The A2 rating on KLA's existing senior unsecured notes and the stable outlook are unchanged,” the agency said in a press release.
KLA will use the proceeds for general corporate purposes, including debt repayment and share repurchases. “Moody's anticipates that KLA will use some of the net proceeds to either repay or prefund the repayment of KLA's $750 million of outstanding 4.65% senior notes due Nov. 1, 2024 (2024 notes).
“Pro forma for the new notes, leverage would increase to 1.7x to 1.8x debt to EBITDA (12 months ended December 31, 2023, excluding debt repayments, Moody's adjusted) from about 1.5x. Following repayment of the 2024 notes, leverage would return to the mid-1x level. Accordingly, Moody's views the debt issuance as approximately net leverage neutral,” 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.