Moody's rates Prince Minerals notes Caa1

Moody's Investors Service said it assigned B3 corporate family and probability of default ratings to Prince Minerals Holding Corp. and a Caa1 rating to the company's proposed $260 million senior secured notes due 2019.

The outlook is stable.

The proceeds from the proposed note offering will be used to fund the company's acquisition of Grinding and Sizing, LLC, refinance a portion of its existing debt and pay related fees and expenses.

The company plans to pay down the outstanding balance on its term loan and revolving credit facility and to upsize the borrowing limit on that facility to $50 million.

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