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Moody’s rates Carlisle notes Baa2
Moody's Investors Service said it affirmed Carlisle Cos. Inc.'s Baa2 senior unsecured rating following company's recent announcement that it issued new long-term debt, which the agency anticipated.
In related rating actions, Moody’s assigned Baa2 ratings to company's proposed issuance of $1 billion in senior unsecured notes, broken down between a seven-year tranche and a 10-year tranche.
Proceeds will be used to term-out borrowings under the company's revolving credit facility. Balance of cash will be used for general corporate purposes including potential acquisitions.
The agency said it expects the proposed notes to have substantially the same terms and conditions as the existing senior unsecured notes due 2020 and 2022.
Moody’s views the proposed transaction as credit positive, improving liquidity under the revolving loan, and taking advantage of low interest rates.
The outlook is stable.
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