Moody's: Lonking unchanged

Moody's Investors Service said that Lonking Holdings Ltd.'s tender offer to repurchase up to $80 million in the principal amount of its outstanding $350 million 8½% senior notes will not affect its B1 corporate family or senior unsecured ratings.

The outlook remains negative.

Moody's said it does not consider this bond repurchase offer as a distressed debt exchange because: (a) Lonking's current financial position is not under stress; (b) it has adequate resources to settle the tendered amounts under its bond repurchase offer; and (c) the discount amount is not material.

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