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Moody's assigns Edgewell notes Ba3
Moody's Investors Service said it assigned a Ba3 rating to Edgewell Personal Care Co.'s new $600 million senior unsecured eight-year notes.
Proceeds will be used to refinance the $600 million senior notes due May 2021.
All other ratings for Edgewell, including the Ba3 corporate family rating and Ba3-PD probability of default rating remain unchanged. The Ba3 rating on the 2021 notes is not affected and will be withdrawn once the bonds are redeemed, Moody’s said.
“The offering is another step in the company's recent liquidity improvements following the April execution of a new $425 million secured revolver that expires in 2025. The revolver is smaller than the prior $725 million unsecured facility that was to expire in June 2020,” Moody’s said in a press release.
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