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S&P affirms QGOG on exchange offer
S&P said it affirmed the B+ corporate credit and issue-level ratings on QGOG Constellation SA.
The outlook remains negative.
The ratings follow news of QGOG's offer to exchange its $700 million 6¼% senior unsecured notes due 2019 through the issuance of 8½% senior unsecured notes due 2024.
S&P said it doesn't consider the proposed exchange offer to be a distressed restructuring.
This transaction would not represent a loss of value for current debt holders, the agency said.
The exchange will be made at par for bondholder who tenders before April 17, S&P explained, and at 95 cents per dollar afterward.
The company's liquidity is adequate, the agency added.
QGOG is also seeking the consent of bondholders to amend some provisions in the current notes, S&P said.
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