Moody’s assigns U.S. Concrete notes B3

Moody’s Investors Service said it assigned a B3 rating to U.S. Concrete, Inc.’s proposed $300 million of senior unsecured notes due 2029. All other ratings for the company remain unchanged, including the B3 senior unsecured rating.

The proceeds will be used to redeem $300 million of the company’s $600 million of 6 3/8% senior unsecured notes due 2024.

“The transaction will be leverage neutral while improving the company’s debt maturity profile. Pro forma for the proposed offering, Moody’s projects U.S. Concrete’s debt-to-EBITDA (inclusive of Moody’s adjustments) will be 5.4x at year-end 2020,” the agency said in a press release.

The outlook is stable.

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