Moody’s rates Leggett & Platt notes Baa1

Moody's Investors Service said it assigned a Baa1 rating to Leggett & Platt Inc.’s proposed $500 million senior unsecured notes.

Net proceeds will be used for general corporate purposes, which will include the repayment or refinancing of existing debt, including commercial paper.

"We don't expect that the company will need to access the debt capital markets again in the next few years, absent any significant acquisitions," Moody’s senior credit officer Kevin Cassidy said in a news release.

Leggett has $150 million of notes maturing July 2018 and the next significant maturity is in 2022.

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