Moody's says Zekelman's term loan add-on is credit neutral; no ratings impact
New York, January 25, 2017-- Moody's Investors Service noted that Zekelman Industries, Inc.' s proposed $100 million term loan add-on to its existing $821 million term loan is credit neutral. The company plans to use the proceeds from the upsized term loan and borrowings on its asset-based lending facility to complete the acquisitions of a tubular products competitor and Western Tube& Conduit. We view the additional debt raise as credit neutral since the acquisition multiple of...
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