Moody’s: Cooper-Standard notes B2, loan Ba1

Moody's Investors Service said it assigned a B2 rating to Cooper-Standard Automotive Inc.'s new $400 million of senior unsecured notes.

In a related action, the agency affirmed Cooper-Standard's B1 corporate family rating and B1-PD probability of default rating and assigned a Ba1 rating to the amended and extended $340 million senior secured term loan.

The speculative grade liquidity rating was affirmed at SGL-2.

The outlook is stable.

Net proceeds from the new $400 million of senior unsecured notes are expected to be used to refinance Cooper-Standard's existing senior secured term loan due 2021. The transaction is expected to nominally increase debt levels while extending and staggering the company's debt maturity profile, and providing some protection against interest rate fluctuations.

Moody’s said the B1 corporate family rating reflects Cooper-Standard's leading market positions in its vehicle sealing, fluid and brake delivery, and fuel transfer systems. The company maintains a balanced geographic footprint, with about 53% of revenues generated in North America and 31% in Europe.

© 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.