Moody’s cuts Rain Carbon notes, rates facilities Ba3

Moody's Investors Service said it assigned a Ba3 rating to the proposed senior secured revolving facility due 2023 to be issued by Rain Carbon Inc. and senior secured euro term facility due 2025 to be issued by Rain Carbon GmbH.

At the same time, Moody's downgraded the ratings of the existing senior secured second-lien notes due 2025 to B2 from B1.

The corporate family and probability of default ratings of B1 and B1-PD were affirmed.

The proceeds of the new term loan will be used to redeem borrowings outstanding under the senior secured notes due 2021 and pay fees for transaction costs related to the proposed transaction.

The outlook is positive.

Moody’s said the Ba3 rating on the proposed revolver and term loan reflect their priority in the capital structure with respect to claim on collateral, ahead of the second-lien notes due 2025.

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