Moody’s assigns B3 to Shearer’s notes

Moody's Investors Service said it assigned a B3 rating to Fiesta Purchaser, Inc.'s (Shearer's) proposed $500 million of senior secured first-lien notes due 2031.

Shearer's B3 corporate family rating, B3-PD probability of default rating, B3 rating on the senior secured first-lien bank credit facility, and stable outlook are not affected.

The proceeds will be used in conjunction with the planned proceeds from the $1.22 billion senior secured first-lien term loan and an equity contribution from private equity firm Clayton Dubilier & Rice, LLC to fund its leveraged buyout of Shearer's.

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