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Moody's Assigns Ratings to New Ashland Distribution Business

February 17, 2011 | Vincent Valk

Moody's Investors Service (New York) has assigned a 'B1' corporate credit rating to Nexeo Solutions, formerly the distribution business of Ashland. Ashland sold the distribution business to private equity firm TPG Capital (tk) in November of last year. Nexeo, backed by TPG, is issuing $500 million in debt to partly fund the $930 million deal, in the form of a $300 million term loan and $200 million in senior bonds. The term loan, due 2017, is rated 'B1,' and the bonds, due 2018, are rated 'B3.' The 'B1' rating, which is not investment-grade, is due to Nexeo's...

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