Moody's gives Core & Main loan (P) Ba3

Moody's Investors Service said it assigned a provisional (P)Ba3 rating to Core & Main LP's proposed $1.5 billion senior secured first-lien term loan due 2028.

All other ratings, including Core & Main's B2 corporate family rating are unchanged and remain on review for upgrade. Moody's placed all its Core & Main ratings under review for upgrade on Friday following the company's announced IPO.

The proceeds, the expected proceeds from a recently announced IPO and cash on hand will be used to redeem Core & Main's senior unsecured notes and Core & Main Holdings, LP's senior unsecured payment-in-kind toggle notes.

“The provisional rating on the proposed term loan assumes that the CFR will be upgraded by two notches to Ba3 from B2 upon execution of the IPO,” the agency said in a press release.

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