Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers E > Headlines for EG Group Australia Pty Ltd. > News item |
Moody’s rates EG add-on loan
Moody’s Investors Service said it assigned a B3 rating to the planned $500 million equivalent add-on first-lien backed senior secured term loan borrowed by EG Finco Ltd. and EG America LLC.
The agency concurrently affirmed B3 long-term corporate family rating of EG Group Ltd. and its B3-PD probability of default rating. Moody's also affirmed the B3 and Caa2 ratings on EG's first- and second-lien term loans and backed senior secured instrument ratings issued by its subsidiaries EG Finco, EG Global Finance plc, EG America, EG Dutch Finco BV and EG Group Australia Pty Ltd.
The proceeds will be used to help refinance notes.
“The negative outlook reflects EG's weakened operating performance and weaker-than-expected credit metrics. In the absence of earnings growth Moody's estimates free cash flow generation to be negative, pressuring the rating,” the agency said in a statement.
© 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.