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Moody’s rates Mannington CFR, loan B1
Moody's Investors Service said it assigned a B1 corporate family rating and B1-PD probability of default rating to Mannington Mills, Inc.
In a related action, the agency assigned a B1 rating to the proposed $275 million senior secured term loan maturing 2021.
The outlook is stable.
Mannington is refinancing its current debt obligations with a new $125 million senior secured asset-based revolving credit facility (unrated) and a $275 million senior secured term loan maturing in 2021.
Proceeds from the term loan and some borrowings under the revolver will be used to refinance about $240 million of existing debt, pay about $13 million in make whole premium, and reserve $25 million in a special fund for future share repurchases. The balance of funds will be used for fees and expenses.
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