Moody's rates Iracore notes B3

Moody's Investors Service said it assigned ratings to Iracore International Holdings, Inc., consisting of a B3 corporate family rating, a B3-PD probability of default rating, a B3 senior secured rating to the company's $110 million proposed notes issue and an SGL-3 speculative grade liquidity rating.

The outlook is stable.

Proceeds from the notes issue partially finances the acquisition of Iracore by Friedman, Fleischer & Lowe partners.

Moody's said the senior secured notes will rank behind the ABL, however given the modest size of the liquidity facility and other liabilities relative to the notes there are no notching implications for the notes relative to the corporate family rating.

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