Moody’s pulls Smyrna rating

Moody’s Investors Service said it withdrew the B1 rating on Smyrna Ready Mix Concrete, LLC’s senior secured credit facility. All other ratings for the company remain unchanged. The outlook is stable.

“The rating action follows the cancelation of the proposed $315 million senior secured credit facility. Instead, the company has increased the size of its proposed senior secured notes to $830 million from $515 million,” Moody’s said in a press release.

The note proceeds will be used to refinance the company’s term loan facility and fund several already entered into bolt-on acquisitions, strengthening Smyrna’s market position in the ready-mix concrete business, the agency said.

Pro forma for the bolt-on acquisitions and the proposed financing, Moody’s forecasts Smyrna’s leverage will be 3.9x at Dec. 31 (including Moody’s adjustments), the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.