Moody's rates EnergySolutions loans B3

Moody's Investors Service said it assigned B3 ratings to EnergySolutions LLC's proposed first-lien $125 million revolving credit and $700 million term loan, affirmed the B3 corporate family and B3-PD probability of default ratings and revised the outlook to positive from stable.

Proceeds will be used to repay the company's outstanding term loan and 10¾% senior unsecured notes, including fees associated with the transaction.

The positive outlook reflects the agency's expectation for improved financial metrics starting in fiscal 2015 once the cost impact from the 2013 going private transaction declines and lower overall risk to the company once it completes the highest risk tasks in its ZionSolutions project.

The SGL-3 liquidity rating was affirmed. The ratings on the outstanding $105 million revolving credit facility, $560 million term loan and $300 million senior notes will be withdrawn with the close of the new debt.

© 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.