Moody’s rates Core & Main notes Caa2

Moody’s Investors Service said it assigned a Caa2 rating to Core & Main LP’s proposed $250 million of notes due 2025.

Proceeds will be used to partially repay borrowings on the company’s ABL revolver, which expires in July 2024.

“While the transaction will result in modestly higher interest cost, leverage will remain neutral, and the company’s debt maturity profile will improve,” Moody’s said in a press release.

Core & Main’s other ratings and stable outlook remain unchanged, the agency said.

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