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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.
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