Nexeo Solutions, LLC -- Moody's Affirms Nexeo B2 CFR; Assigns B3 to New Term Loans

New York, May 03, 2016 -- Moody's Investors Service initiated ratings on Neon Finance Company LLC (Neon), assigning a B2 corporate family rating and a B3 rating on its $630 million term loan B due 2023. Moody's also assigned a probability of default rating of B2-PD and a speculative grade liquidity rating of SGL-2, the outlook is stable. Neon is a subsidiary of WL Ross Holding Corp (WLRH), a special purpose acquisition corp. These ratings are based on Moody's expectation that Neon will merge with Nexeo Solutions LLC (Nexeo) subsequent to the acquisition by WLRH, and that Nexeo will be the surviving entity. In conjunction with the acquisition and associate financing, it is intended that Nexeo's secured term loans maturing in September, 2017, will be repaid with proceeds from the new term loans at the closing, which is currently targeted for June 2016. Hence, Moody's has also affirmed Nexeo's existing ratings (B2 CFR) and will withdraw these ratings (on the 'Old' Nexeo legal entity) after the debt is repaid. The outlook on Nexeo's and Neon's ratings is stable.

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