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Moody's affirms Sun Sage
Moody's Investors Service said it affirmed the Ba2 rating on the $200 million senior secured notes due 2009 issued by Sun Sage BV. This affirmation news that Sun Sage is selling its entire stake in Mando Corp. to the unrated Halla Engineering and Construction Corp. for KRW651.5 billion won.
The sale will trigger a mandatory redemption of Sun Sage notes as required in the indenture. Sun Sage will redeem the notes after the deal has closed. Cash proceeds will be used to repay the $200 million in notes, Moody's said.
Sun Sage is a holding company whose only business is the ownership of its shares of Mando.
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