Moody’s rates Xerium loan B2

Moody's Investors Service said it assigned a B2 rating to Xerium Technologies, Inc.'s proposed $495 million senior secured term loan B due 2022.

The agency also affirmed Xerium's B2 corporate family rating, B2-PD probability of default rating and SLG-2 speculative grade liquidity rating as the transaction is largely leverage neutral, but expect the company to benefit from lower interest expense and extended maturity profile.

The outlook is stable.

Proceeds from the new term loan will be used to repay the existing $225 million term loan due 2019 and $236 million of 8 7/8% senior unsecured notes due 2018.

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