Moody’s rates U.S. Concrete notes B3

Moody's Investors Service said it assigned a B3 senior unsecured rating to U.S. Concrete, Inc.'s proposed $350 million senior unsecured notes due 2024.

At the same time, the agency affirmed U.S. Concrete's corporate family rating at B2 and probability of default rating at B2-PD. The senior secured notes due 2018 were also affirmed at B3, but will be withdrawn upon the closing of the notes. The speculative grade liquidity rating was affirmed at SGL-2.

The outlook was revised to positive from stable.

Proceeds from the new notes will be used to repay the company’s senior secured notes due 2018, to repay drawings on its ABL revolver, fund opportunistic acquisitions and for general corporate purposes.

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