Moody's rates Oregon Tool loan B1, notes Caa1

Moody's Investors Service said it assigned a first time B2 corporate family rating and B2-PD probability of default rating to ASP Blade Holdings, Inc., operating as Oregon Tool, Inc. and formerly known as Blount International, Inc.

Moody's also assigned a B1 rating to Oregon Tool's proposed senior secured bank credit facility and a Caa1 rating to the proposed senior unsecured notes.

The outlook is stable.

Platinum Equity, through its affiliates, is acquiring Oregon Tool for about $1.57 billion from affiliates of American Securities and P2 Capital.

“Oregon Tool's robust operating performance provides a significant offset to Platinum Equity's aggressive financial policy by using the company's balance sheet to facilitate its acquisition of Oregon Tool,” said Peter Doyle, vice president at Moody's, in a news release.

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