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Moody’s gives Stanley Black notes Baa1
Moody’s Investors Service said it gave a Baa1 rating to Stanley Black & Decker, Inc.’s proposed senior unsecured notes due 2050 with an undisclosed amount.
Proceeds, short-term borrowings and cash on hand will be used to redeem the $400 million of senior unsecured notes due 2021 and $754 million of senior unsecured notes due 2022. Moody’s will withdraw the ratings at the close of the transaction.
This transaction will result in the company’s adjusted debt to LTM EBITDA decreasing to 3x on a pro forma basis from 3.3x as of the third quarter of 2020. Moody’s projected adjusted debt to LTM EBITDA for year-end 2021 is 2.5x.
Stanley Black and Decker’s other ratings and stable outlook remain unchanged, the agency said.
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