Moody’s ups Edcon Holdings, notes; lowers Edcon notes

Moody's Investors Service said it affirmed the Caa1 corporate family rating of Edcon Holdings Ltd., upgraded the probability of default rating to Caa1-PD from Ca-PD and upgraded the ratings on the remaining senior unsecured notes due 2022 to Caa3 (LGD6) from Ca (LGD6) issued by Edcon.

Concurrently, the agency downgraded the senior secured notes due 2018 issued by Edcon Ltd. to Caa2 (LGD4) from Caa1 (LGD4).

The outlook on all ratings was changed to stable from negative.

Moody’s said the actions were prompted by Edcon's Nov. 30 announcement that it completed the second stage of its exchange offer. Under the exchange offer participating senior unsecured note holders were offered to swap their holdings in the €425 million senior unsecured notes for a combination of new €116.2 million super senior PIK notes due 2019, €36.2 million senior secured PIK notes due 2019 and equity warrants.

© 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.