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Moody's gives Gajah Tunggal notes Caa1
Moody's Investors Service said it gave a Caa1 rating to PT Gajah Tunggal Tbk.’s planned senior secured notes due 2026.
Concurrently, the agency placed the company’s Caa1 corporate family rating and the Caa1 rating on its $250 million senior secured notes due in August 2022 on review for upgrade, following the announcement of its refinancing plans. Moody’s also placed the new notes on review for upgrade and changed the outlook to under review from negative.
Gajah Tunggal reported plans to sell the notes and a tender offer to buy its 2022 notes at 102.09375%. The proceeds with Rp 1.5 trillion from a senior secured bank loan, will be used to fully refinance its $250 million notes due 2022.
"The proposed refinancing will extend GJTL's debt maturity profile, thereby alleviating liquidity concerns arising from its upcoming bond maturity in August 2022," said Stephanie Cheong, a Moody's analyst, in a press release.
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