Moody’s: iPayment unaffected by debt exchange

Moody's Investors Service said that iPayment, Inc.'s ratings, including the Caa2 corporate family rating and the negative outlook, are not affected by its proposed debt exchange offer that will lead to a significant reduction in its debt.

The agency will view the exchange as a distressed exchange under its definition of a default. Should the exchange occur as stipulated, Moody's said it expects to append the "/LD" indicator to iPayment's probability of default rating of Caa3-PD upon the close of the exchange offer signifying a limited default in the capital structure.

© 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.