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Moody’s ups Rain Carbon notes, rates notes B1
Moody's Investors Service said it assigned a B1 rating to the proposed senior secured notes due 2025 by Rain CII Carbon LLC (to be co-issued with CII Carbon Corp.), wholly owned subsidiaries of Rain Carbon Inc.
At the same time, the agency upgraded the ratings of the existing senior secured notes due 2021 to B1 from B3.
Rain Carbon’s B1 corporate family rating and B1-PD probability of default rating were affirmed.
Proceeds from the new notes will be used to refinance borrowings under the company’s revolving credit facility, to repurchase or redeem any and all of the issuers' 8% senior secured notes due 2018 and to repurchase or redeem a portion of their 8¼%% dollar-denominated senior secured notes due 2021.
The outlook is stable.
Upon completion of the refinancing, Moody's said it will withdraw the B3 rating on senior secured notes due 2018 of Rain CII Carbon LLC.
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