Moody's rates WNA loan B1

Moody's Investors Service said it affirmed WNA Holdings, Inc.'s B2 corporate family rating and a B2-PD probability of default rating, respectively.

WNA is the parent company of plastic tableware maker Waddington North America.

Concurrently, the agency assigned a B1 rating to the WNA's proposed $50 million incremental first-lien senior secured term loan.

In addition, Moody's affirmed the company's B1 ratings on its existing first-lien credit facilities and the Caa1 rating on the $125 million second-lien credit facility.

The outlook was maintained at stable.

Proceeds from the incremental term loan are expected to be used to fund acquisitions, pay associated fees and expenses and be used for general corporate purposes.

"We view the WNA transaction as relatively aggressive because the proceeds together with balance sheet cash are expected to be used to acquire two targets a short time after making several other acquisitions, including the large and transformational acquisition of Par-Pak in June 2013," Moody's lead analyst Brian Silver said in a news release.

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