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Moody’s adds /LD to DTEK Energy PDR
Moody's Investors Service said it assigned a limited default (/LD) designation to DTEK Energy BV's Ca-PD probability of default rating.
At the same time, the agency affirmed DTEK's Ca corporate family rating, as well as the Ca rating of DTEK Finance plc's $750 million 7 7/8% notes due April 4, 2018.
Moody’s said the change to Ca-PD/LD follows the completion of the exchange of DTEK Finance BV's $200 million 9˝% notes on the notes' maturity date, April 28, 2015.
The transaction was effected pursuant to a UK Scheme of Arrangement. These $200 million notes were exchanged into new $160 million 10 3/8% notes due March 28, 2018, issued by DTEK Finance plc for this purpose, and $44.9 million of cash, including an early exchange offer acceptance fee, which was paid to note holders on April 28.
The Ca rating of DTEK Finance BV's exchanged notes was withdrawn. Moody's expects to remove the "/LD" suffix after about three business days.
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