KBRA cuts Nordic Aviation

Kroll Bond Rating Agency said it downgraded the issuer rating and senior unsecured debt rating of Nordic Aviation Capital DAC to D from CC with a negative outlook following its announced Chapter 11 bankruptcy filing.

“The downgrade reflects the company’s announcement yesterday that it has entered into a restructuring support agreement with its equity holders and lenders holding over 73% of NAC’s approximately $6.3 billion in debt obligations and filed for Chapter 11 bankruptcy protection in the U.S. to implement the RSA,” KBRA said in a press release.

The RSA includes a $537 million capital infusion through a $337 million new equity rights offering, a new $200 million revolving credit facility and an added $170 million debtor-in-possession financing facility from NAC’s creditors to support the company’s ongoing operations and growth during and after the Chapter 11 process.

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