Moody's rates HHI loan B3

Moody's Investors Service said it assigned to HHI Holdings, LLC corporate family and probability of default ratings of B2, along with a B3 rating on its $240 million senior secured term loan facility.

The outlook is stable.

The proceeds the loan, along with cash on hand, will be used to fund a special dividend to the company's shareholders, refinance existing debt and pay related fees and expenses, the agency said.

The rating reflects HHI's acquisitive history, high customer concentrations and small revenue base, Moody's said.

Those factors are balanced by the company's modest leverage and strong interest coverage, the agency said.

© 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.