Moody's gives Ba3 to Arsenal notes

Moody's Investors Service said it assigned a Ba3 rating to Arsenal AIC Parent LLC's planned seven-year $900 million of senior secured notes.

The rating is the same as Moody’s on Arsenal’s senior secured term loan.

The proceeds along with the proceeds from other debt will be used to partially fund the acquisition of Arconic Corp. and to pay for the related transaction fees and expenses.

The transaction is subject to shareholder and regulatory approvals. Once the transaction closes and Arconic's debt is repaid, Moody's said it will withdraw the Arconic’s ratings.

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