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Moody’s assigns Baa3 to RPM notes
Moody's Investors Service said it assigned Baa3 to RPM International Inc.’s proposed $300 million new senior unsecured notes due 2047.
Proceeds are expected to be used to pay the $249.5 million 6.5% senior notes when due in February 2018, with the balance used to finance recent acquisitions and for general corporate purposes.
The outlook is positive.
"The financing is favorable to the capital structure as it addresses RPM's nearest maturity, is expected to save roughly 200 basis points in interest coupon and has a 30-year maturity," Moody’s senior credit officer Joseph Princiotta said in a news release.
"The positive outlook reflects the strong credit profile which continues to exhibit good earnings resilience and strong cash flows that support a successful bolt-on acquisition program and have allowed the company to grow in scale and strength over the years."
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