S&P rates Seazen notes BB

S&P said it assigned its BB long-term issue rating to a planned issuance of dollar-denominated senior unsecured notes by New Metro Global Ltd., a subsidiary of Seazen Holdings Co. Ltd. Seazen will guarantee the notes.

“We equalize the issue rating with our issuer credit rating on Seazen because the proposed notes are not significantly subordinated to other debt in the company’s capital structure,” S&P said in a press release.

Proceeds will be used for refinancing debt.

The company also announced a tender at about 101% of the principal amount for its two outstanding dollar-denominated bonds due in April and in May. “We believe that the tender offer is Seazen’s proactive management of its maturity profile, and is opportunistic in nature, considering the company’s steadily improving credit profile from stable cash flow and ample liquidity,” S&P said.

The outlook is positive.

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