Moody’s rates International Wire notes B3

Moody's Investors Service said it affirmed International Wire Group Holdings, Inc.'s B2 corporate family rating and B2-PD probability of default rating.

At the same time, the agency assigned a B3 rating to the company's proposed $250 million senior secured notes due 2021.

The outlook is stable.

In a proposed transaction, International Wire is planning to refinance its existing 8˝% $250 million senior secured notes due 2017 with new $250 million senior secured notes due 2021. Additionally, the company will amend its existing $175 million ABL revolving credit facility by reducing its capacity to $125 million and extending the maturity to 2021 from 2017. Roughly $16 million of revolver borrowings are expected to be used at close of the transaction and repaid in the subsequent quarter.

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