Moody’s rates Minerals Technologies notes Ba3

Moody’s Investors Service said it assigned a Ba3 rating to Minerals Technologies Inc.’s new $400 million senior unsecured notes due 2028 and upgraded the ratings of the senior secured bank credit facilities to Ba1 from Ba2.

The Ba3 rating of the notes reflects the effective subordination to the secured debt, Moody’s said. The notes will be guaranteed on a senior unsecured basis by all domestic subsidiaries of the company.

The proceeds will be used to refinance the fixed-rate tranche of the term loan B and pay down revolver borrowings.

Moody’s affirmed the company’s Ba2 corporate family rating and Ba2-PD probability of default rating. The SGL-2 rating is unchanged. The outlook is stable.

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