Moody's rates Remy loan B1

Moody's Investors Service said it assigned Remy International, Inc. first time B1 corporate family and probability of default ratings and its $300 million senior secured term loan B a B1 (LGD3, 45%) rating.

The outlook is stable.

The proceeds of the loan along with borrowings under the revolving credit facility and cash on hand will be used to refinance the company's existing term loan debt and pay related fees and expenses.

The ratings reflect the company's strong credit metrics weighed by its modest revenue base and challenging liquidity profile, Moody's said.

As of Sept. 30, the pro forma debt-to-EBITDA ratio approximated 3.7 times.

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