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Moody’s assigns XPO loan Ba1, notes Ba3
Moody's Investors Service said it assigned a Ba1 rating to XPO, Inc.'s planned incremental $400 million first-lien term loan due 2031 and a Ba3 rating to its new $585 million senior notes due 2032. The outlook was changed to stable from positive.
Concurrently, Moody’s said it affirmed XPO’s Ba2 corporate family rating, Ba2-PD probability of default rating, Ba1 senior secured credit facilities and senior secured notes along with the Ba3 rating on the company's senior unsecured notes.
The proceeds will be used to finance the acquisition of 26 properties and two leased sites from the auction of Yellow Corp.'s real estate portfolio and to refinance XPO's 6¼% senior notes due in 2025.
“The affirmation of the CFR and change in the outlook to stable reflects the increase in leverage resulting from the debt-funded asset purchase. Moody's estimates pro forma debt-to-LTM EBITDA at approximately 4.5x, up from 3.6x at Sept. 30, 2023. Leverage will improve to 3.6x in fiscal 2024,” the agency said in a press release.
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