Moody's rates Rexair loans, B1, B3

Moody's Investors Service said it assigned a B1 rating to Rexair Holdings Inc.'s revised $114 million first-lien senior secured credit facilities, which now consist of a $94 million term loan (previously $124 million) and a $20 million revolver, and a B3 rating to the proposed $30 million second-lien senior secured term loan.

At the same time, Moody's affirmed Rexair's B1 corporate family rating (previously known as the senior implied rating).

The first- and second-lien notes represent a revised structure of the original proposed senior secured credit facility, which had been rated B1.The outlook remains stable.

Moody's said the ratings are supported by the consistently high operating margins (around 25%), the global diversification of the company's sales (roughly half of the company's sales are international) and the modest projected leverage at closing for the B1 rating category.

The ratings are constrained, the agency added, by the single product nature of the business and its limited direct sales distribution channel.

© 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.