Moody’s rates HGIM, facility B3

Moody's Investors Service said it assigned a B3 rating to HGIM Corp.'s (Harvey Gulf International Marine Corp.) $350 million five-year term loan exit facility.

The agency also assigned a B3 corporate family rating and a B3-PD probability of default rating to HGIM.

The outlook is stable.

HGIM completed its financial restructuring and emerged from Chapter 11 Bankruptcy proceedings.

Under the reorganization, the company exchanged about $1.2 billion of pre-petition secured debt for the $350 million exit facility.

"Notwithstanding the offshore sector's persistent weakness with limited signs of imminent recovery, HGIM's balance sheet restructuring substantially reduced its debt burden and significantly improved its credit metrics," Sreedhar Kona, Moody's senior analyst, said in a news release.

“The company's balance sheet cash, modest contracted backlog and ability to place boats in the spot market contribute to the stable outlook."

© 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.