Moody’s rates Boyne notes B1

Moody’s Investors Service said it gave a B1 rating to Boyne USA Inc.’s planned $540 million of senior unsecured notes due 2029 and revised the outlook to stable from negative.

Concurrently, the agency affirmed Boyne’s B1 corporate family rating, B1-PD probability of default rating and the B1 rating on its $580 million second-lien secured notes due 2025.

Proceeds will be used to repay the second-lien notes. Moody’s said it plans to withdraw the rating once Boyne repays them.

“The revision of the outlook to stable from negative reflects Moody's expectation that operating performance for Boyne will continue to improve in 2021 as a higher share of the public receives vaccinations and the coronavirus pandemic subsides. Boyne delivered solid results for FY2020 ended Dec. 31, 2020, with revenue down a modest 6% and EBITDA up slightly vs FY2019,” the agency said in a press release.

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