Moody's ups Tekni-Plex, rates notes Caa1

Moody's Investors Service said it upgraded the corporate family and probability of default ratings of Tekni-Plex Inc. to Caa1 from Caa2.

Moody's also assigned a Caa1 (LGD 4, 55%) rating to the company's proposed senior secured note offering of $480 million due 2019.

The proceeds, along with a $50 million equity investment from the sponsor, will be used to refinance the company's existing 8¾% senior secured notes due 2013 and its outstanding term loan.

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