Moody's rates Fairmount loans B1

Moody's Investors Service said it assigned a B1 rating to Fairmount Minerals, Ltd.'s proposed $1,285,000,000 senior secured credit facilities.

Moody's affirmed Fairmount's B1 corporate family rating, B2-PD probability of default rating and maintained the stable outlook.

The proceeds from the proposed credit facilities will be used to fund the acquisition of nearly all of FTS International's sand mining operations, resin-coating plants and distribution terminals, to refinance existing debt, to pay related fees and expenses and for general corporate purposes.

Moody's assigned a B1 rating to the proposed senior secured credit facilities, which is on par with the B1 corporate family rating because the credit facility accounts for 100% of the debt in the company's capital structure.

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