S&P: Gain Silver Finance notes unchanged

Standard & Poor's said it reviewed the finalized details of unsecured notes issued by Gain Silver Finance Ltd. and said today that its issue rating is unchanged at BBB-.

The $420 million issue of 10-year fixed rate notes due 2016 carries a semi-annual coupon of 6.375%, the agency said, adding that the long-term corporate credit rating on Kerry Properties Ltd. (BBB-/stable), which guarantees the notes, is also unchanged.

S&P said that the proceeds will be used to refinance Kerry Properties' short-term borrowings, stating that this should improve the company's debt maturity profile, despite rising interest expenses.

© 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.