Moody's affirms Exopack, rates loan B3

Moody's Investors Service said it affirmed the B2 corporate family and probability of default ratings of Exopack Holding Corp. and assigned a B3 rating to the company's new $95 million unsecured term loan.

The proceeds of the $95 million unsecured term loan will be used to finance the acquisition of two facilities from Bemis Co., Inc., the agency said.

Moody's also noted that it affirmed Exopack's SGL-3 speculative-grade liquidity rating and stable outlook.

According to the agency, the B2 corporate family rating reflects Exopack's concentration in the less cyclical food market, increasing scale with the ACM acquisition, long-standing relationships with a diversified customer base and the large percentage of business under long-term contracts with cost pass-through provisions.

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