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Moody's assigns Mercury Chile notes Ba1
Moody's Investors Service said it assigned a first-time Ba1 rating to Mercury Chile Holdco LLC's planned senior secured guaranteed notes issuance of up to $425 million.
Mercury, the indirect parent company of Inversiones Cachagua SpA and AES Andes SA, plans to use the proceeds to prepay a same-sized bridge loan.
The notes will be guaranteed by four intermediate companies in-between AES Corp. and AES Andes, including Cachagua, Mercury Chile Co II Ltd., Invesiones LK SpA, and Omega SpA.
“Mercury's Ba1 senior secured rating reflects the structurally subordinated position of Mercury's proposed notes issuance vis-a-vis the senior unsecured debt outstanding at the power generation company AES Andes,” Moody’s said in a press release.
The outlook is stable.
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