Moody's gives West Technology notes Caa2

Moody's Investors Service said it gave a Caa2 rating to West Technology Group, LLC's planned second-lien notes.

The agency also affirmed West Technology’s B3 corporate family rating and the B1 and Caa2 ratings for its first-lien credit facilities and senior unsecured notes.

On Jan. 31, West Technology completed the sale of its safety business to Stonepeak Partners LP for $2.4 billion in gross proceeds. The company plans to use the proceeds to repay about $2.1 billion of its outstanding debt and augment its cash position.

The new second-lien notes are being issued in conjunction with the company's offer to repay a portion of the outstanding senior unsecured notes and exchange the remaining portion of the senior unsecured notes for the new second-lien notes maturing in April 2027, Moody’s said.

The outlook remains stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.