Moody’s reviews United Distribution, rates loan

Moody's Investors Service said it placed United Distribution Group, Inc.'s (UDG) Caa1 corporate family rating, Caa1-PD probability of default rating, B3 senior secured first-lien credit facilities rating and Caa3 senior secured second-lien term loan rating under review for upgrade.

At the same time, the agency assigned a B3 rating to the proposed $250 first-lien term loan that will be issued by the company's GHX and UCIS subsidiaries.

"The review for upgrade reflects the possibility that UDG will materially reduce its leverage through its proposed recapitalization as it benefits from improved demand in its key mining and oil & gas end markets," Michael Corelli, Moody's vice president, senior credit officer and lead analyst for the United Distribution, said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.