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Moody’s assigns B3 to ProFrac notes
Moody's Investors Service said it assigned a B3 rating to ProFrac Holdings II, LLC's new $520 million of senior secured notes due 2029.
The agency said it also affirmed ProFrac's B2 corporate family rating and B2-PD probability of default rating. The company's SGL-3 speculative grade liquidity rating remains unchanged.
The notes’ B3 rating is one notch below the CFR. The notes are secured by a first lien on all ProFrac Services assets other than the asset-based lending collateral and a second lien on the ABL collateral, the agency said.
ProFrac issued the notes and a $365 million term loan borrowed by its wholly-owned subsidiary, PF Proppant Holding, LLC (Alpine). The combined proceeds were used to repay the $808 million senior secured term loan due in 2025, rated B2, and around $12 million of unrated debts.
“Moody's views the extension of ProFrac's maturity schedule as a credit positive, partially offset by the increased complexity of the company's capital structure. The rating on the senior secured term loan due 2025 will be withdrawn following its repayment,” the agency said in a press release.
The outlook is stable.
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