Moody’s gives B1 CFR to Forterra

Moody's Investors Service said it assigned a B1 corporate family rating to Forterra Finance, LLC.

The outlook is stable. This action concludes the review initiated on Oct. 7 following the announcement of Forterra's intention to launch an initial public offering (IPO).

As a part of this rating action, Moody's is also withdrawing all existing ratings under Stardust Finance Holdings, Inc., Forterra's previous name.

On Oct. 7, Forterra announced its initial offering of 18.4 million shares with the expectation to raise up to $386 million. The offering could raise as much as $445 million if the underwriters purchase the options to buy additional shares.

As part of this transaction, Forterra will raise a new $300 million ABL revolver (unrated) and a new $1 billion senior-lien term loan to refinance its existing debt in conjunction with the announced IPO.

Moody's assigned a B1 rating to the proposed $1 billion senior-lien term loan due 2023 on Oct. 7.

© 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.