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Moody's rates US Foods loan B3
Moody's Investors Service said it assigned a B3 rating to US Foods, Inc.'s proposed upsized senior secured term loan and affirmed all other ratings, including the B3 corporate family rating and the stable outlook.
Upon closing, the $350 million in proposed proceeds will be use to partially repay a $702.5 million term loan set to mature in July 2014.
"The proposed facility aids liquidity by extending $350 million of the $702.5 million maturity from 2014 to 2017, however it should be noted that interest costs rise such that coverage is negatively impacted, and there remains $350 million still due in 2014," Moody's senior analyst Charlie O'Shea said in a news release.
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