Moody’s assigns B1 to Emeco bonds

Moody’s Investors Service said it assigned a B1 rating to the $180 million senior secured notes sold by Emeco Pty. Ltd., a wholly-owned subsidiary of Emeco Holdings Ltd. rated B1. Emeco Holdings guarantees the notes.

Emeco repaid and terminated $180 million of the $322.1 million notes due in March 2022. The company will be using the proceeds from the fully underwritten equity issuance of A$149 million and cash on hand to repay the remaining $142 million of the notes due in March 2022.

Emeco plans to repay the remaining notes on Oct. 15.

The outlook is stable.

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