Moody’s rates Caleres notes B1

Moody's Investors Service said it assigned a B1 rating to Caleres, Inc.'s (formerly Brown Shoe Co., Inc.) proposed $200 million senior unsecured notes due 2023.

The agency affirmed the company's Ba3 corporate family rating, Ba3-PD probability of default rating and SGL-1 speculative-grade liquidity rating.

Following the close of the transaction, Moody's will withdraw the B1 rating on the existing senior unsecured notes, if redeemed as proposed.

The outlook is stable.

Caleres plans to use the proceeds from the proposed notes and $11 million balance sheet cash to redeem the existing $200 million senior unsecured notes and pay for transaction fees and expenses. The refinancing is credit positive as it will extend the company's maturity profile, the agency said.

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