Moody’s assigns Ryerson notes B3

Moody’s Investors Service said it assigned a B3 rating to Joseph T. Ryerson & Son, Inc.’s proposed $500 million of senior secured notes due 2028.

The company plans to use the proceeds along with a portion of its cash balance to redeem the outstanding $533 million of 11% senior secured notes due May 2022 and to pay related call premiums and transaction fees.

At the same time, Moody’s affirmed Ryerson Holding Corp.’s B2 corporate family rating and B2-PD probability of default rating. Moody’s also maintained Ryerson’s speculative grade liquidity rating of SGL-2.

The outlook remains stable. The agency will withdraw the ratings on the 2022 notes once the refinancing is completed, Moody’s said.

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