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Moody’s ups Builders FirstSource loan, notes
Moody’s Investors Service said it upgraded the ratings on Builders FirstSource, Inc.'s senior secured term loan and senior secured notes to B1 from B2. The rating actions follow the company's announcement it upsized its unsecured notes due 2030 to $550 million from $500 million. Proceeds from the incremental $50 million were used to call $47.5 million of the company's senior secured notes due 2027.
The upgrade of the company's senior secured debt to B1 from B2 reflects the expectation of higher recovery rates as a result of the decrease in the amount of secured debt and the increase in unsecured debt, which would absorb losses ahead of the secured instruments.
Moody’s also affirmed the company’s B1 rating and the B3 rating on its senior unsecured notes. The outlook remains positive and the speculative grade liquidity rating of SGL-2 is unchanged.
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