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Moody’s assigns TMS notes Caa1
Moody’s Investors Service said it assigned a Caa1 rating to TMS International Corp.’s planned $300 million of senior unsecured notes.
TMS International’s B2 corporate family rating, B2-PD probability of default rating, B1 rating on its senior secured term loan B and the Caa1 rating on its outstanding senior unsecured notes and its stable outlook remain unchanged, the agency said.
The company plans to use the proceeds to retire its $236 million of 7¼% senior unsecured notes due 2025, pay down about $25 million of revolver borrowings, pay call premiums, fees and expenses and increase its cash balance.
Moody’s said it will withdraw the rating on the 2025 notes when they are redeemed.
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