Moody’s ups Prestige Brands loan

Moody's Investors Service said it affirmed Prestige Brands, Inc.'s B2 corporate family rating, B2-PD probability of default rating and all ratings on its existing senior unsecured debt in conjunction with the company's re-pricing transaction.

The $350 million senior unsecured notes due 2024 are being upsized by $200 million, proceeds of which will be used to repay a portion of the company’s senior secured term loan.

Moody’s upgraded Prestige's senior secured term loan to Ba3 from B1, reflecting the increased cushion provided by the higher amount of unsecured debt.

The speculative grade liquidity rating was affirmed at SGL-2 and the outlook remains stable.

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