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Moody's rates Euramax loans B1, B3
Moody's Investors Service said it assigned a B1 rating to Euramax Holdings Inc.'s first-lien senior secured credit facilities and a B3 rating to Euramax Holdings Inc.'s proposed second-lien senior secured term loan. Moody's also assigned Euramax a B1 senior implied rating.
The outlook is stable.
The ratings consider the substantial increase in debt that will result from Goldman Sachs Capital Partners and Euramax management's (the equity sponsors) purchase of the company from its current owners for about $1.04 billion. The transaction is expected to close in June.
Moody's did not assign a rating to Euramax International Inc.'s proposed $110 million senior unsecured PIK notes.
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