Moody's rates Mauser revolver B1

Moody's Investors Service said it assigned a B1 rating to Mauser Packaging Solutions Holding Co.’s $150 million super priority senior secured revolving credit facility.

The company's B3 corporate family rating, B3-PD probability of default rating and other instrument ratings remain unchanged. The super priority revolving credit facility is part of Mauser's refinancing package that closed in February, and this rating assignment does not affect the other ratings, the agency said.

“The B1 rating of the revolving credit facility is one notch higher than the term loan B facility, and two notches higher than the CFR. The higher rating reflects the senior position of the revolver relative to the term loan, as provided in the credit agreement. The revolver is pari passu to the term loan in right of security claim, which, in Moody's view, still positions the revolver below the unrated $350 million asset-based revolver. This is because the asset-based revolver has a priority claim to more liquid collateral, primarily account receivables and inventories of the company,” the agency said in a press release.

The rating outlook remains stable.

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