Moody's boosts RBS Global, gives notes Caa1

Moody's Investors Service said it upgraded RBS Global, Inc.'s corporate family rating and probability of default rating to B3 from Caa1, senior secured credit facilities to Ba3 from B1, senior unsecured notes to Caa1 from Caa2, and senior subordinated notes to Caa2 from Caa3.

The company's speculative-grade liquidity rating was changed to SGL-2 from SGL-3, the agency said, adding that a Caa1 was assigned to the new proposed $1.15 billion senior unsecured notes due 2018.

The outlook is stable.

Moody's added that the new senior unsecured notes will be used to refinance the company's existing $795 million of 9.5% senior unsecured notes due 2014, $196.27 million of 9.5% senior unsecured notes due 2014, and $79 million of 8.875% senior unsecured notes due 2016, which were tendered for in an offer launched on April 7.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.