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Moody’s assigns Edgewell notes Ba3
Moody’s Investors Service said it assigned Edgewell Personal Care Co.’s new $500 million senior unsecured eight-year notes due 2029 a Ba3 rating.
Concurrently, Moody’s affirmed Edgewell’s Ba3 corporate family rating, its Ba3-PD probability of default rating and its Ba3 unsecured debt rating. Moody’s upgraded the company’s speculative grade liquidity rating to SGL-1 from SGL-3.
Proceeds will be used to refinance its $500 million of senior notes due May 2022. The rating is unaffected and will be withdrawn once the bonds are redeemed.
“The offering is credit positive because it extends the maturity profile, reduces cash interest expense, while financial leverage is unaffected. There are no near-term debt maturities,” Moody’s said in a press release.
The speculative grade liquidity rating upgrade reflects the expectation that Edgewell will maintain very good liquidity over the next 12 months following the refinancing of the approaching 2022 note maturity, the agency said.
The outlook is stable.
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