Moody’s rates AMG, facilities B1

Moody's Investors Service said it assigned a B1 corporate family rating and a B1-PD probability of default rating to AMG Advanced Metallurgical Group NV.

In addition, the agency assigned a B1 rating to the company's proposed $200 million senior secured revolving credit facility and its $300 million senior secured term loan B.

Moody's also assigned a speculative grade liquidity rating of SGL-2.

The outlook is stable.

These ratings are commensurate with the corporate family rating since the revolver and the term loan will have the same collateral securing the borrowings and will account for almost all of the debt in the company's capital structure, the agency explained.

Proceeds from the term loan will be used to repay about $150 million of existing term loan debt, to fund the company's lithium development projects and expand its tantalum production in Brazil and to cover transaction fees and expenses.

© 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.