Moody's: Tensar loans B1, Caa1

Moody's Investors Service said it assigned a prospective B1 rating to the proposed $190 million senior secured term loan B and a prospective Caa1 rating to the proposed $110 million senior secured term loan C of Tensar Lease Funding Corp.

At the same time, Moody's said it placed the Caa2 corporate family rating on review for possible upgrade.

The agency expects proceeds from the proposed refinancing to be used to retire all existing bank debt and a portion of the existing holding company PIK notes.

Upon completion of the refinancing, Moody's said it is likely to upgrade the corporate family rating to B3.

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