Moody's drops ASG

Moody's Investors Service said it downgraded the corporate family rating of ASG Consolidated LLC to B2 from B1.

At the same time, Moody's said it assigned a Ba3 rating to the proposed senior credit facility and a B3 rating to the proposed senior subordinated notes of American Seafoods Group LLC, a wholly owned subsidiary of ASG.

The outlook is stable.

Proceeds from the issuance of the proposed $390 million senior secured term loan, $275 million senior subordinated notes and unrated $125 million Holdco note coupled with borrowings under the proposed $85 million senior secured revolver are expected to be used to refinance all of the outstanding debt of ASG, preferred units and transaction related fees, 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.