Safway Group Holding LLC -- Moody's affirms B3 CFR for Safway, assigns B3 to proposed first lien term loan; stable outlook

New York, July 21, 2016 -- Moody's Investors Service affirmed Safway Group Holding LLC's ("Safway") B3 Corporate Family Rating ("CFR") following the company's announcement that it will refinance its existing debt. The refinancing will weaken key credit metrics slightly, however Moody's forward view expects better operating performance from Safway to keep these measures in line with the current rating. In related actions, Moody's assigned a B3 rating to Safway's proposed 7-year $775 million first lien term loan. The proposed capital structure, that also includes a new $200 million asset-backed facility (not rated), will be used to refinance Safway's existing senior secured notes (B3 rating assigned to existing notes will be withdrawn upon successful close of transaction) and pay related transaction fees. The outlook remains stable.

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