New York, July 25, 2016 -- Moody's Investors Service (Moody's) assigned a B2 rating to Xerium Technologies, Inc.'s (Xerium) proposed $475 million senior secured notes due 2021. Moody's also affirmed Xerium's B2 corporate family rating, B2-PD probability of default rating and SLG-2 speculative grade liquidity rating. The proceeds of the new notes will be used to repay the existing $230 million term loan due 2019 and $240 million of 8.875% senior unsecured notes due 2018. We affirmed the corporate family rating as the transaction is largely leverage neutral, but we expect the company to benefit from the extended maturity profile. The ratings outlook is stable. Subsequent to the transaction, Moody's will withdraw the ratings on the existing Senior Unsecured Notes and Term Loan B.

Vollständigen Artikel bei Moodys lesen