E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
Published on 1/20/2010 in the Prospect News Bank Loan Daily and Prospect News High Yield Daily.

Moody's rates Coleman Cable notes B3

Moody's Investors Service said it assigned a B3 rating (LGD4, 66%) to Coleman Cable, Inc.'s proposed $235 million senior notes due 2018.

Moody's also affirmed the company's B2 corporate family and probability-of-default ratings, and the SGL-2 speculative grade liquidity rating.

The outlook remains stable.

Proceeds will be used to refinance the company's 9 7/8% senior notes due 2012.

The affirmation of the B2 corporate family rating reflects improvements in operating performance, a stabilization of product volumes following the sharp contraction that began at the end of 2008, and an improved debt maturity profile following completion of the proposed refinancing, the agency said.

The rating also considers uncertainty over the potential strength of a recovery in its industrial/retail end-markets, the prospects for continued weakness in its construction end-market, and a continued challenging operating environment due to excess industry capacity, the agency noted.


© 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.