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Moody’s rates ABC Supply loan Ba2
Moody's Investors Service said it assigned a Ba2 rating to the $1.4 billion senior secured term loan due 2031 that American Builders & Contractors Supply Co., (ABC Supply) plans to issue.
ABC's Ba2 corporate family rating, Ba2-PD probability of default rating, Ba2 senior secured notes rating, Ba2 senior secured term loan rating and B1 senior unsecured notes rating are unchanged, the agency said.
The new loan replaces the company's senior secured term loan due 2027 which will be withdrawn upon the closing. The new term loan ranks equally with the senior secured notes due 2028.
“The refinancing transaction is credit positive as it extends the company's maturity profile in a leverage-neutral transaction. Moody's expects that ABC's operating performance will remain solid driven by inelastic demand for its products and our expectation for modest improvement in new single-family residential construction,” the agency said in a press release.
The outlook remains stable.
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