Moody’s gives Baa3 to Jabil notes

Moody’s Investors Service said it assigned a Baa3 rating to Jabil Inc.’s proposed senior unsecured note offering.

Proceeds will be used for general corporate purposes, including redeeming the 5.625% notes due in December.

“The refinancing of the $400 million of 5.625% notes due December 2020 addresses a near-term maturity and increases the amount of debt maturing in two years or more to roughly 88% of Jabil’s debt capital. The proposed transaction will be leverage neutral with debt to EBITDA remaining in the mid 2x range (including Moody’s standard adjustments),” the agency said in a press release.

All other ratings and the stable outlook remain unchanged, Moody’s said.

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