02.06.2015 01:33:00
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Zep Inc -- Moody's assigns first time CFR of B3 to Zep Inc.; outlook stable
New York, June 01, 2015 -- Moody's Investors Service, Inc. (Moody's) today assigned a first time B3 Corporate Family Rating (CFR) to Zep Inc. (Zep). Moody's also assigned a B2 rating to Zep's $42.5 million first lien revolving credit facility expiring in 2020 and $360 million first lien term loan maturing in 2022. Proceeds from the credit facility will be used to fund the acquisition of Zep by New Mountain Capital LLC and repay existing debt. The rating outlook is stable.