Fitch: Eastcomtrans bond at B

Fitch Ratings said it has assigned Eastcomtrans LLP's expected secured eurobond a B(exp) rating and recovery rating of RR4.

The proceeds from the issue will be used to refinance Eastcomtrans' existing bilateral loans and to purchase new fleet, the agency said.

According to Fitch, terms of the issue include a change of control clause and financial covenants including (a) the consolidated leverage ratio will not exceed 4x (3.2x at end-2012); (b) the consolidated interest coverage ratio will exceed 2.5x (3.8x at end-2012); and (c) the notes' collateral coverage should exceed 130%.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.