Moody's: Tube City loan B1

Moody's Investors Service said it upgraded Tube City IMS Corp.'s corporate family rating and probability of default rating to Ba3 from B1.

In a related action, Moody's assigned a B1 rating to the company's proposed $300 million term loan facility due 2019.

The outlook is stable.

Moody's said it expects proceeds from the proposed facility, along with some draw on a revolver and cash from the balance sheet, will be used to refinance the existing term loan due 2014 and a portion of subordinated notes due 2015.

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