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S&P rates Eldorado Gold notes B
S&P said it affirmed the B long-term issuer credit rating on Eldorado Gold Corp.
The agency also said it assigned a B rating and 3 recovery rating to the company's proposed $300 million second-lien secured notes due 2024.
Eldorado Gold has announced refinancing of its existing $600 million unsecured debt due December 2020.
The proposed transaction alleviates the company's near-term refinancing risks and improves the company's debt maturity profile, S&P said.
The stable outlook reflects an expectation that Eldorado will generate adjusted debt-to-EBITDA to lower than 3x over the next 12 months while maintaining adequate liquidity, the agency said.
The proposed transaction reduces the company's debt by $100 million, improves the debt maturity profile and alleviates the near-term refinancing risks, S&P said.
The proposed transaction also materially improves the company's leverage profile with adjusted debt-to-EBITDA ratio of less than 3x in 2019, the agency said.
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