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Moody's may up United Components
Moody's Investors Service said it placed UCI International, Inc.'s corporate family and probability of default ratings of Caa1 under review for upgrade, along with the Caa3 (LGD 5, 85%) on its unguaranteed senior unsecured notes.
The upgrade review follows the company's proposed refinancing of much of its existing debt, Moody's said.
UCI is the ultimate parent of United Components, Inc.
The agency also said it assigned to United Components a Ba3 (LGD 2, 25%) rating on the bank credit facilities, consisting of a $75 million senior secured revolving credit facility due 2015 and a $425 million senior secured term loan facility due 2016.
The proceeds will be used to refinance United Components' existing senior secured term loan due 2012 and senior subordinated notes due 2013.
The ratings on United Components' $172 million guaranteed senior secured bank term loan due 2012 and $230 million of guaranteed senior subordinated notes maturing 2013 were withdrawn.
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