Fitch Rates Proposed Mohawk Offering at BBB
New York, NY, Jan. 29, 2013 -- Fitch Ratings has assigned a 'BBB-' rating to Mohawk Industries proposed offering of senior unsecured notes due 2023.
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The company intends to use the proceeds of the notes issuance to partially fund the $1.5 billion acquisition of the Marazzi Group.
Fitch said the rating for Mohawk reflects the company's leading market position in most of its major business segments, strong brand recognition, and end-market diversity.
The Marazzi acquisition is expected to be funded with roughly $900 million of new debt, $300 million of cash and $325 million of Mohawk stock.