Moody’s rates IPS loans B2, Caa2

Moody's Investors Service said it assigned a B3 corporate family rating to IPS Structural Adhesives Holdings, Inc. (co-borrower with IPS Intermediate Holdings, Inc.), a B3-PD probability of default rating, a B2 rating to the proposed $310 million first-lien term loan and a Caa2 rating to the proposed $110 million second-lien term loan.

The outlook is stable.

Proceeds from the term loans will be used to refinance existing debt as well as fund a $110 million distribution to the company's private equity owners Nautic Capital Partners. As part of the transaction, IPS will also be entering into a $35 million asset-based revolving credit facility.

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