S&P rates Emeco notes B+

S&P said it assigned a B+ rating with a 3 recovery rating to Emeco Holdings Ltd.’s new senior secured notes due 2024. The agency also affirmed the company’s B+ ratings.

Emeco recently raised A$149 million in new equity. It will use the proceeds and cash on hand to repay $322.1 million notes, above par at $104.625 with its lenders. The company sold new secured notes that are fully hedged with materially similar terms as the previous notes, S&P said.

The company also extended its revolver to September 2023.

“Emeco has removed the near-term refinancing risks associated with its 2022 secured notes, with its new notes maturing in March 2024. We believe management proactively manages its balance sheet and debt maturity profile, which is supportive of its credit quality,” S&P said in a press release.

The outlook is stable.

© 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.