Moody's assigns Husky III notes Caa2

Moody's Investors Service said it assigned ratings to Husky III Holding Ltd. consisting of a B3 corporate family rating, B3-PD probability of default rating and a Caa2 rating to its proposed $450 million holdco senior PIK toggle notes. Moody's also affirmed the Ba3 rating on Husky Injection Molding Systems Ltd.'s super-priority revolving credit facility, the B2 rating on Husky IMS' secured term loan B and the Caa2 rating on Husky IMS' senior unsecured notes. Husky III's outlook is negative.

Husky III is the parent company of Husky IMS. Upon the closing of the PIK toggle notes transaction, the B3 CFR, B3-PD probability of default rating and stable outlook currently assigned to Husky IMS will be withdrawn.

Proceeds from the proposed PIK toggle notes will be used to fund a dividend payment to Platinum Equity, the owner of Husky III.

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