Moody's rates Weekley Homes notes B2

Moody's Investors Service said it assigned a B1 corporate family rating, a B1-PD probability of default rating and a B2 rating to the proposed $200 million senior unsecured notes due 2023 of Weekley Homes, LLC and its co-issuer, Weekley Finance Corp.

The outlook is stable.

The net proceeds from the $200 million senior unsecured notes, estimated to be $195 million, will be used to repay all outstanding borrowings under the company's various senior secured borrowing base credit facilities, with the remainder to be used for general corporate purposes. This repayment will increase the borrowing base credit facilities' availability to $291 million.

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