Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers W > Headlines for Wabash National Corp. > News item |
Moody’s ups Wabash loan, rates notes B1
Moody's Investors Service said it assigned a B1 rating to Wabash National Corp.’s new $325 million senior unsecured notes and upgraded the senior secured term loan to Ba2 from B1.
Moody’s said the action follows the company's recent announcement that it would acquire Supreme Industries, Inc., primarily with unsecured debt.
The agency also affirmed the Ba3 corporate family rating, Ba3-PD probability of default rating and SGL-1 speculative grade liquidity rating.
The outlook remains stable.
The transaction is expected to close in the fourth quarter of 2017, subject to customary regulatory approvals.
Moody’s said the ratings take into account the material increase in Wabash's financial leverage (debt/EBITDA) as a result of the debt-financed acquisition and anticipate the company will de-lever quickly, consistent with its history. Leverage is expected to approach 2.7 times pro forma from 1.2 times (after Moody's standard adjustments), within the range anticipated for a large acquisition.
© 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.